Frédéric Bastiat

Bastiatblock out the sunFrederic Bastiat
Claude-Frédéric Bastiat (29 June 1801 – 24 December 1850) was a French economist and writer who was a prominent member of the French Liberal School.wikipedia
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French Liberal School

French liberal
Claude-Frédéric Bastiat (29 June 1801 – 24 December 1850) was a French economist and writer who was a prominent member of the French Liberal School.
Key thinkers include Frédéric Bastiat, Jean-Baptiste Say, Antoine Destutt de Tracy, and Gustave de Molinari.

Free market

free-marketfree enterprisefree markets
As an advocate of classical economics and the economics of Adam Smith, his views favored a free market and influenced the Austrian School. Economist Murray Rothbard wrote that "Bastiat was indeed a lucid and superb writer, whose brilliant and witty essays and fables to this day are remarkable and devastating demolitions of protectionism and of all forms of government subsidy and control. He was a truly scintillating advocate of an unrestricted free market".
This contention arose from the divergence from classical economists such as Richard Cantillon, Adam Smith, David Ricardo, and Thomas Robert Malthus, and from the continental economic science developed primarily by the Spanish scholastic and French classical economists, including Anne-Robert-Jacques Turgot, Baron de Laune, Jean-Baptiste Say and Frédéric Bastiat.

Opportunity cost

opportunity costshidden costhidden costs
Bastiat developed the economic concept of opportunity cost and introduced the parable of the broken window.
The term was first used in 1914 by Austrian economist Friedrich von Wieser in his book Theorie der gesellschaftlichen Wirtschaft (Theory of Social Economy). The idea had been anticipated by previous writers including Benjamin Franklin and Frédéric Bastiat.

The Law (book)

The LawThe Law'' (book)
Bastiat's most famous work is The Law, originally published as a pamphlet in 1850.
The Law (La Loi) is an 1850 book by Frédéric Bastiat.

Legal plunder

plunderlegalized plunderplundering of public assets
Bastiat posits that the law becomes perverted when it punishes one's right to self-defense (of his life, liberty and property) in favor of another's right to "legalized plunder", which he defines as "if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime", in which he includes the tax support of "protective tariffs, subsidies, guaranteed profits, guaranteed jobs, relief and welfare schemes, public education, progressive taxation, free credit, and public works."
This was coined by Frédéric Bastiat, most famously in his 1850 book The Law. It has since become a concept in libertarian thought, and has been used similarly by others, including Daniel Lord Smail.

Parable of the broken window

broken window fallacyfallaciesWhat is Seen and What is Unseen
Bastiat developed the economic concept of opportunity cost and introduced the parable of the broken window. Bastiat's "rule" was later expounded and developed by Henry Hazlitt in his work Economics in One Lesson in which Hazlitt borrowed Bastiat's trenchant broken window fallacy and went on to demonstrate how it applies to a wide variety of economic falsehoods.
The parable of the broken window was introduced by French economist Frédéric Bastiat in his 1850 essay "Ce qu'on voit et ce qu'on ne voit pas" ("That Which We See and That Which We Do Not See") to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society.

French Revolution of 1848

Revolution of 18481848 RevolutionFebruary Revolution
Bastiat was elected to the national legislative assembly soon after the French Revolution of 1848.
According to French economist Frédéric Bastiat, the poor condition of the railroad system can largely be attributed to French efforts to promote other systems of transportation, such as carriages.

Adam Smith

SmithAdam Smith’sNeo-Smithian
As an advocate of classical economics and the economics of Adam Smith, his views favored a free market and influenced the Austrian School.

Bayonne

Bayonne, FranceBaionaArriverette
Bastiat was born on 29 June 1801 in Bayonne, Aquitaine, a port town in the south of France on the Bay of Biscay.
Frédéric Bastiat (1801–1850), classical-liberal author and political economist

Journal des économistes

His public career as an economist began only in 1844, when his first article was published in the Journal des économistes during October of that year and it was ended by his untimely death in 1850.
It featured contributions of Léon Walras, Frédéric Bastiat, Charles Renouard and Vilfredo Pareto, among many other eminent economists.

Mugron

His father moved inland to the town of Mugron, with Frédéric following soon afterward.
*Frédéric Bastiat lived most of his life at Mugron.

Economics in One Lesson

Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
Bastiat's "rule" was later expounded and developed by Henry Hazlitt in his work Economics in One Lesson in which Hazlitt borrowed Bastiat's trenchant broken window fallacy and went on to demonstrate how it applies to a wide variety of economic falsehoods.
It is based on Frédéric Bastiat's essay Ce qu'on voit et ce qu'on ne voit pas (English: "What is Seen and What is Not Seen").

Protectionism

protectionisttariff reformprotection
Economist Murray Rothbard wrote that "Bastiat was indeed a lucid and superb writer, whose brilliant and witty essays and fables to this day are remarkable and devastating demolitions of protectionism and of all forms of government subsidy and control. He was a truly scintillating advocate of an unrestricted free market".
According to a slogan of Frédéric Bastiat (1801–1850), "When goods cannot cross borders, armies will."

Gustave de Molinari

Molinari
He declared on his deathbed that his friend Gustave de Molinari (publisher of Bastiat's 1850 book The Law) was his spiritual heir.
Gustave de Molinari (3 March 1819 – 28 January 1912) was a Belgian political economist and classical liberal theorist born in Liège, Wallonia associated with French laissez-faire economists such as Frédéric Bastiat and Hippolyte Castille.

Bastiat Prize

Bastiat Prize
Instituted in 2002, the Prize has been inspired by the 19th-century French philosopher Frédéric Bastiat and his defense of liberty.

Murray Rothbard

Rothbard, Murray N.RothbardianRothbard
Economist Murray Rothbard wrote that "Bastiat was indeed a lucid and superb writer, whose brilliant and witty essays and fables to this day are remarkable and devastating demolitions of protectionism and of all forms of government subsidy and control. He was a truly scintillating advocate of an unrestricted free market".

Pierre-Joseph Proudhon

ProudhonProudhonianPierre Joseph Proudhon
He also famously engaged in a debate between 1849 and 1850 with Pierre-Joseph Proudhon about the legitimacy of interest.
Proudhon also engaged in an exchange of published letters between 1849 and 1850 with Frédéric Bastiat discussing the legitimacy of interest.

Hippolyte Castille

Hippolyte Castille
Castille wrote in collaboration with Frédéric Bastiat and Gustave de Molinari.

Henry Hazlitt

HazlittHazlitt, Henry
Bastiat's "rule" was later expounded and developed by Henry Hazlitt in his work Economics in One Lesson in which Hazlitt borrowed Bastiat's trenchant broken window fallacy and went on to demonstrate how it applies to a wide variety of economic falsehoods.
Ayn Rand called it a "magnificent job of theoretical exposition," while Congressman Ron Paul ranks it with the works of Frédéric Bastiat and F. A. Hayek.

List of liberal theorists

contributions to liberal theoryliberal theoristsliberal theorists and philosophers
List of liberal theorists
Frédéric Bastiat (France, 1801–1850)

San Luigi dei Francesi

Church of Saint Louis of the FrenchChurch of St. Louis of the FrenchFrench national church
Bastiat died in Rome and is buried at San Luigi dei Francesi in the center of that city.
The church was chosen as the burial place for a number of higher prelates and members of the French community of Rome: these include the classic liberal economist Frédéric Bastiat, Cardinal François-Joachim de Pierre de Bernis, ambassador in Rome for Louis XV and Louis XVI, and Henri Cleutin the French Lieutenant in 16th-century Scotland.

Harmonies of Political Economy

Harmonies of Political Economy
Harmonies of Political Economy is an 1850 book by the French classical liberal economist Frédéric Bastiat, in which the author applauds the power and ingenuity of the intricate social mechanism, "every atom of which ... is an animated thinking being, endued with marvelous energy, and with that principle of all morality, all dignity, all progress, the exclusive attribute of man - LIBERTY."

Mark Thornton

Thornton, Mark
Because of his stress on the role of consumer demand in initiating economic progress (a form of demand-side economics), Bastiat has been described by Mark Thornton, Thomas DiLorenzo and other economists as a forerunner of the Austrian School.

Arthur Latham Perry

The reason for this later neglect may lie in the general decreased reputation for the scholarship of the French Liberal School of Frédéric Bastiat, the general approach of which Perry carried on. Perry conceived of economics as the "science of Buying and Selling," or, as Richard Whately earlier termed it, catallactics.

Jörg Guido Hülsmann

Bastiat's Legacy in Economics by Jorg Guido Hulsmann