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It is disturbing to see the Broken Window fallacy being regurgitated so often in the wake of the Japanese earthquake/tsunami/nuclear disaster. The fallacy, coined by the great French satirical economic journalist Frederic Bastiat, refers to the boneheaded notion that a broken window is an economic boon since it provides work for the Acme Glass Company. This ignores the cost to the owner of the window, who now has to pay again for something he already had. Similarly, numerous pundits have declared that the destruction in Japan — which is estimated at between US$200-billion and US$300-billion — has a “silver lining” since it requires massive amounts of rebuilding. This, they claim, will provide a “stimulus” to the Japanese economy, and spillover benefits to other countries.
It is disturbing to see the Broken Window fallacy being regurgitated so often in the wake of the Japanese earthquake/tsunami/nuclear disaster. The fallacy, coined by the great French satirical economic journalist Frederic Bastiat, refers to the boneheaded notion that a broken window is an economic boon since it provides work for the Acme Glass Company. This ignores the cost to the owner of the window, who now has to pay again for something he already had. Similarly, numerous pundits have declared that the destruction in Japan — which is estimated at between US$200-billion and US$300-billion — has a “silver lining” since it requires massive amounts of rebuilding. This, they claim, will provide a “stimulus” to the Japanese economy, and spillover benefits to other countries.
It is disturbing to see the Broken Window fallacy being regurgitated so often in the wake of the Japanese earthquake/tsunami/nuclear disaster. The fallacy, coined by the great French satirical economic journalist Frederic Bastiat, refers to the boneheaded notion that a broken window is an economic boon since it provides work for the Acme Glass Company. This ignores the cost to the owner of the window, who now has to pay again for something he already had. Similarly, numerous pundits have declared that the destruction in Japan — which is estimated at between US$200-billion and US$300-billion — has a “silver lining” since it requires massive amounts of rebuilding. This, they claim, will provide a “stimulus” to the Japanese economy, and spillover benefits to other countries.
I don't think that word means what you think it means. The situation you've just described was Miltion Friedman's screed...you've just proven the precise example of why trickle down economics is a circular circle jerk.
You also just buzz sawed the right's "savior" in Ronald Reagan who admitted that Bastiat was one of the economists who influenced and he admired.
It is disturbing to see the Broken Window fallacy being regurgitated so often in the wake of the Japanese earthquake/tsunami/nuclear disaster. The fallacy, coined by the great French satirical economic journalist Frederic Bastiat, refers to the boneheaded notion that a broken window is an economic boon since it provides work for the Acme Glass Company. This ignores the cost to the owner of the window, who now has to pay again for something he already had. Similarly, numerous pundits have declared that the destruction in Japan — which is estimated at between US$200-billion and US$300-billion — has a “silver lining” since it requires massive amounts of rebuilding. This, they claim, will provide a “stimulus” to the Japanese economy, and spillover benefits to other countries.
It is disturbing to see the Broken Window fallacy being regurgitated so often in the wake of the Japanese earthquake/tsunami/nuclear disaster. The fallacy, coined by the great French satirical economic journalist Frederic Bastiat, refers to the boneheaded notion that a broken window is an economic boon since it provides work for the Acme Glass Company. This ignores the cost to the owner of the window, who now has to pay again for something he already had. Similarly, numerous pundits have declared that the destruction in Japan — which is estimated at between US$200-billion and US$300-billion — has a “silver lining” since it requires massive amounts of rebuilding. This, they claim, will provide a “stimulus” to the Japanese economy, and spillover benefits to other countries.
Q: What do you know about:
1) How was Japan's economy rebuilt after the WW2 disaster and who participated at that?
2) What is the state of Japan's economy in last 20 years?
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