The Broken Window Fallacy and “Blessings” of Destruction in the Real World
by Matt Palumbo
Mises.org
In the early nineteenth century, Bastiat posed the story of a young man who throws a brick through the window of a baker’s shop. We’re told that this may have a bright side — that the baker must now pay a glazier to fix the window, who will then use that income to spend elsewhere, creating a ripple effect that benefits many.
Such thinking is reminiscent of what would later be used to justify the logic behind the Keynesian multiplier. Keynes would later write in the General Theory, “Pyramid building, earthquakes, even wars may serve to increase wealth.”
Continue Reading at Mises.org…
Source: http://financialsurvivalnetwork.com/2015/07/the-broken-window-fallacy-and-blessings-of-destruction-in-the-real-world/?utm_source=rss&utm_medium=rss&utm_campaign=the-broken-window-fallacy-and-blessings-of-destruction-in-the-real-world
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