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What is the “Broken Window Fallacy” and why is it important to understand?

Tuesday, November 8, 2016 7:58
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Some people just can’t see that earthquakes, hurricanes, and (I’m not joking) alien invasions (“broken windows”) just aren’t good for the economy. This is true even if people are paid to rebuild cities or paid to wage anti-Martian warfare. It’s not complicated. But some very intelligent people can not grasp this basic concept. Some still embrace the thoroughly debunked concept of the “multiplier effect” in the economy. There is no multiplier. There is redistribution. Wealth comes from innovation and ingenuity and creation and risk taking. Blowing something up and rebuilding it is just dumb.

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