Saturday 21 Jul 2018 | 21:15 | SYDNEY
Saturday 21 Jul 2018 | 21:15 | SYDNEY

The Bastiat fallacy

By

Mark Thirlwell

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.