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Wednesday 23 Aug 2017 | 01:10 | SYDNEY
Wednesday 23 Aug 2017 | 01:10 | SYDNEY

The Bastiat fallacy



1 April 2010 13:48

Regarding Bastiat as a guide to contemporary economic circumstances, I'll quote Brad DeLong on this:

Did you know that M. Frederic Bastiat's Essays on Political Economy contains no references to "panic" or "crisis" or "depression" or "unemployment"? Only a truly clueless idiot would try to take it as a source of wisdom on macroeconomic questions.

Harsh, but fair.

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