This short video explains one of the most persistent economic fallacies of our day. Made by Sam Selikoff and Luke Bessey. See Luke's page: www.youtube.com See Sam's blog: lonelyliberal.tumblr.com
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Does destruction create jobs? After natural disasters, terrorist attacks, and wars, some people argue that these disasters are good for the economy, because they create jobs and prosperity. As Prof. Art Carden of Rhodes College explains, this is an example of the "broken window fallacy," a term coined by Frederic Bastiat. When a shopkeeper's window is broken, he will spend money on a new window, which gives income and jobs for glaziers. This activity is "seen," but the "unseen" is just as important: the money spend on a new window could have been spent on other things. Wealth has not increase, but only reallocated from some people to others, and society is worse off by one window.
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Do natural disasters, earthquakes, or wars stimulate an economy and create growth? Did World War 2 get the US out of the Great Depression? Frederic Bastiat explained why such thinking is fallacious. More information on the Bastiat Legacy Project is available at www.AtlasNetwork.org/BastiatLegacy, and for more videos like this from Atlas view www.vimeo.com/atlasagi
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A free audio book of Henry Hazlitt's Economics in One Lesson Chapter 2 - "The Broken Window"
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A Visual Explanation of the Broken Window Fallacy Learn More at www.LearnEconomicsNow.com
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Spending More will Never get anyone Out of Debt.
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Part 1 of 2 That's a lot of broken glass. Fewer county, state residents driving new cars (Coloradoan.com) Feb, 3, 2010 www.coloradoan.com Time crunch for recyclers crushing vehicles from "cash for clunkers" program (Seattle Times, 1/28/10) seattletimes.nwsource.com Parable of the Broken Window (from wikipedia) en.wikipedia.org
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Long story short, no, at least most of the time it doesn't. Keynesian economics only prescribes large amounts of fiscal and monetary stimulus when the economy suffers from unemployment due to a deflationary recession. Some people, let's call them "pseudo-keynesians" will abuse keynesian economics to argue for perpetual government spending or artificially high wages for unionized labor at all times. These people are wrong, from the standpoint of the economy as a whole, for their prescriptions really do commit the broken-window fallacy because money spent on government functions, or artificially high wages, could have been used for other enterprises. In the village of Bastiat's thought experiment, if the village is suffering from a deflationary recession, the hooligan who broke the window really should be praised, for he really did stimulate the economy
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Part 2 of 2 That's a lot of broken glass. Fewer county, state residents driving new cars (Coloradoan.com) Feb, 3, 2010 www.coloradoan.com Time crunch for recyclers crushing vehicles from "cash for clunkers" program (Seattle Times, 1/28/10) seattletimes.nwsource.com Parable of the Broken Window (from wikipedia) en.wikipedia.org
Cash for Clunkers Broken Window Fallacy Peter Schiff Ron Paul waste Austrian economics capitalism Frédéric Bastiat jmelkis
Clip from ABC's 20/20 blogs.abcnews.com Politicians keep telling us they want to create Green jobs. It sounds good, but its nonsense. I have a new video column up on my webpage on that. The bottom line: If green jobs are a good idea, they will just happen. The give and take of free market competition will provide them. We wont need government to suck up more of our tax dollars to create them. Whatever Green jobs really are. More at www.theminorityreportblog.com
Sorry for poor picture quality, This is literally how government thinks the economy works. Break a window, have a hurricane, or a earthquake or hold an Olympics or make programs like cash for clunkers. Libertarians fight this mentality of thinking heart and soul.... Just replace life and death with government meddling with the econ and the unseen effect. For more info you tube broken window fallacy or watch John Stossel.
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In diesem Video spreche ich über eine Sache, die mich schon lange nervt und die sich schon viel zu lange im öffentlichen Diskurs hält. Weitere Videos zum Thema: www.youtube.com www.youtube.com Download der Originaldatei beim Internet Archive: www.archive.org
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This short video covers the key points of Chapter Two "The Broken Window" from Henry Hazlitt's "Economics in One Lesson." The Broken Window Fallacy is a classic story first told by Frederic Bastiat, showing the danger of only seeing one side of an economic activity. Produced by Access Communications in collaboration with the Frontier Centre for Public Policy.
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Alex Merced discusses the broken window Fallacy and Larry Somers recent comments regarding the Earthquake in Japan, and Paul Krugmans former comments about the earthquake in Haiti. Cash for Clunkers and Videos games are also dicussed in demostrating the broken window fallacy.
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An adaptation of Frederic Bastiat's famous essay, "The Broken Window", found in "What is seen, and what is not seen."
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Broken window
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PROJECT FOR ECONOMICS: a small town legend tells of the broken window fallacy before the worlds end..
Some economists have been arguing that natural disasters (like 9/11, Hurricane Katrina, Wars, Terrorist acts, the Japan's 2011 Earthquake/Tsunami) are all good for the economy! This video shows how this fallacy (aka The Broken Window Fallacy) does not work and is indeed bad for the economy.
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Obama Videos www.youtube.com www.youtube.com www.youtube.com Mises Media on Broken Window Fallacy www.youtube.com www.youtube.com www.youtube.com
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Note: I am NOT a conservative, I just recognise that most conservatives understand the broken window fallacy.
