August 06, 2014
After 6,712 cyclones, typhoons, and hurricanes the evidence is clear: Bastiat was right all along.
In 1850, the economic journalist Frédéric Bastiat introduced the parable of the broken window to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society (see the video at the end of this post for an explanation of the broken window fallacy).
Continue Reading...