What is the parable Bastiat introduced?
The invisible hand
The broken window
The saved penny
The seen and unseen
Answer
The broken window parable, introduced by French economist Frédéric Bastiat, illustrates the fallacy of believing that destruction can create economic growth. Using the example of a broken window, Bastiat argues that while the glazier who repairs the window benefits, the economy as a whole loses the value of the resources used for the repair, as well as the potential value created by alternative uses of those resources.
The World of Frédéric Bastiat: A Classical Liberal Legacy Challenge
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