Essays on Political Economy
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Essays on Political Economy
This is a reprint of the 1869 first edition in English, which was translated from the Paris edition of 1869.
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September 2nd, 2010 at 7:12 am
Review by D. W. MacKenzie for Essays on Political Economy
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The main values of this book is that it makes fundamental economic concepts clear, and shows how these concepts apply to real life. Chapter one explains opportunity cost in detail. Bastiat arrived at the basic logic of opportunity cost back when all the “leading economists” were thinking in terms of labor costs. The idea that true costs are forgone alternatives seems itself quite simple, but so many people fail to see this, even today. The Broken Window essay is the best known part of this book. The Broken Window concept is also as relevant now as it was back when Basitat authored it. In recent years we have heard that Katrina and 9/11 created jobs. Many news reporters and politicians believe that destructive disasters have a silver lining in that reconstruction after these events create jobs. What these persons do not see is the new construction that could have been realized had rebuilding been unnecessary. What they do not realize is that the labor and materials used in rebuilding has forgone alternative uses.
Bastiat also understood peace dividends. The disbanding of troops does not create unemployment. Every soldier is a potential worker, and war does not improve economic conditions, either through destruction or through the creation of “military employment”. Some economists believed that the end of World War Two would bring back The Great Depression. Nonsense! American soldiers simply enter the private sector labor force.
The candlestick makers petition illustrates the absurdity of protectionism. This essay is a true classic, as informative as it is entertaining. The other parts of this book are less well known, but no less important. In “The Law” Bastiat critiques intervention and the entitlement/planning mentality. Those who favor intervention seek to solve social problems that were caused by intervention with further interventions! There is more than just a little similarity between Bastiat and twentieth century Austrians, like Mises and Hayek. Bastiat understood some of the core concepts of Austrian economics, and applied them to the issues of his day. We can and should apply these concepts to modern issues.
September 2nd, 2010 at 7:15 am
Review by Sivant for Essays on Political Economy
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This is a collection of essays by Frederick Bastat. They were written at a time when the new freedom of economics and philosophy resulted in a blending of the two. A lot of modern ideas that resulted in WW I, II, and the cold war all stem from this type of thinking, and it is an important read to flesh out any study of modern capitalism. It reads well, but I can not read the original so I can not evaluate the nature of the translation.
The formatting is closer to a university journal entry, then a modern bound book. Each essay beggens the line after the previous one ends, making it difficult to reference in a group setting.
That aside, the essays are great, and if you love economics and/or politics this is a book you should purchase and read.