Frédéric Bastiat was born in this day 30th June in 1801. He died on 24th December 1850. He was a member of the French National Assembly. He developed the economic concept of opportunity cost and introduced what we call the “broken window” fallacy through a parable. He was justly described as “the most brilliant economic journalist who ever lived” by the 20th century economic theorist Joseph Schumpeter.
About Bastiat, the wiki says, “As an advocate of classical economics and the economics of Adam Smith, his views favored a free market and influenced the Austrian School. He is best known for his book The Law, where he argued that law must protect rights such as private property, not “plunder” others’ property.” Continue reading “Bon anniversaire, Monsieur Bastiat”
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