Sandrabarracuda’s Weblog

October 11, 2008

Economics 101 “The” lesson

Filed under: Adult Homeschooling,Politics — sandrabarracuda @ 11:48 pm

There is a classic book written by libertarian economist and journalist, Henry Hazzlitt,  called ECONOMICS IN ONE LESSON  which applied one lesson by Frederic Bastiat to u dreary subjects like wages, profits, savings, taxes, tariffs, unemployment, unions and monetary policy in a clear and understandable way.

“The” lesson is by Frederic Bastiat, a French economist, summarized by me:

Two ladies pass Mr. Baker’s store window which has been destroyed by vandals and say “Aah. Work for Mr. Glazier.” But no one sees the suit that Mr. Baker was going to have made by Mr. Tailor that won’t get made.

Here’s John Stossel’s summary:

The French economist Frederic Bastiat pointed out that a broken shop window will create work for a glassmaker, but that work comes only at the expense of the cook or tailor the shopkeeper would have patronized if he didn’t have to replace the window.

I have found this lesson infinitely applicable in my life. It has taught me to look at “what hasn’t happened” as well as what has.

Its applications to our financial meltdown are not yet totally clear.

Does anyone think it accidental that we haven’t had a successful attack on our homeland since September 11, 2001?  It’s like Sherlock Holmes’s “the dog that didn’t bark” This lesson more than any other has taught me to look beyond the obvious.


1 Comment »

  1. thanks for the review, I’ll check out the book.

    Comment by pacer521 — October 12, 2008 @ 12:32 am

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