Can we avoid natural disasters? Probably not. Can we avoid disastrous economic ignorance? Yes. The disaster in Japan provides yet another tragic illustration of how fallacies permeate the public conversation. First, destruction is not production. It never is, and society isn’t better off because of it. To claim otherwise is to fall victim to the Broken Window Fallacy, a fallacy that was exploded by Frederic Bastiat ... MOREArt Carden: Walking On Broken Glass?
Can we avoid natural disasters? Probably not. Can we avoid disastrous economic ignorance? Yes. The disaster in Japan provides yet another tragic illustration of how fallacies permeate the public conversation. First, destruction is not production. It never is, and society isn’t better off because of it. To claim otherwise is to fall victim to the Broken Window Fallacy, a fallacy that was exploded by Frederic Bastiat ... MORE