Japan’s broken windows

posted by
April 26, 2011
Center for a Stateless Society
by David D'Amato  
Posted in Commentary

"If the economic contentions of statists hold true, then costly crises like the one that has ravaged Japan are a boon, an opportunity for the rebuilding process to stir economic activity that wouldn’t have otherwise have taken place. Instead of a expense of catastrophe, the almost $50 billion set aside by the Japanese state for reconstruction ought to be greeted, so we’re told, as an economic shot in the arm. Economists — at least those who don’t buy it — call this the 'broken window fallacy,' an allusion to nineteenth century political economist Frederic Bastiat’s famous story about the 'seen' and the 'unseen.'" (04/25/11)

http://c4ss.org/content/6880  

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