It’s been announced that in the most recent quarter, the US has seen an economic contraction.
Since the global economic crisis has ensued, Keynesian theory has been embraced and enhanced to deal with the crisis.
For those not familiar, much of it can be easily expressed in this manner….. the government hires a person to dig a hole and then hires another to fill it back up. This would put capital in people’s hands and stimulate and spur economic growth. What is really sad about all of this is that even before that theory was formalize, it was already addressed by Bastiat in his parable of the broken window…….
Bastiat’s original parable of the broken window from Ce qu’on voit et ce qu’on ne voit pas (1850):
Have you ever witnessed the anger of the good shopkeeper, James Goodfellow, when his careless son has happened to break a pane of…
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