Frederic Bastiat

About Frédéric Bastiat

Frédéric Bastiat (1801-1850) was a French economist and writer who was a prominent member of the French Liberal School. Bastiat developed the economic concept of opportunity cost and introduced the parable of the broken window. As an advocate of classical economics and the economics of Adam Smith, Bastiat's views favored a free market and influenced the Austrian School. He authored The Law and Essays on Political Economy, among others works.

Economic Sophisms: Scarcity and Abundance

By Frédéric Bastiat|2019-03-05T14:53:15-05:00May 15th, 2018|Categories: Economic History, Economics, Europe, History|

How does it happen that in the eyes of workmen, of publicists, and statesmen, abundance should appear a thing to be dreaded, and scarcity advantageous? I propose to trace this illusion to its source… Which is best for man, and for society, abundance or scarcity? What! you exclaim, can that be a question? Has [...]