Recent Posts

Poll shows Americans want citizenship question on census

by Jerry McCormick/Patriot News Alerts  Prior to the census being sent out, President Donald Trump said that he he wanted a ...

Read More

Kevin McAleenan: There’s Adequate Food and Water at CBP Facility, Facility Is Cleaned Daily

By Melanie Arter | cnsnews (Photo by Mark Wilson/Getty Images) (CNSNews.com) – Acting DHS Secretary Kevin McAleenan is disputing reports of inadequate food, ...

Read More

The Rights Stuff: Pompeo's New Commission Tackles Freedom

          We know how the founders defined human rights: life, liberty, and the pursuit of happiness. Two hundred forty-three years ...

Read More

Senate Resolution Cautions Against Federal Bailout of Fiscally Irresponsible States

Rachel Greszler / The Daily Signal The five states with the greatest unfunded pension obligations—Alaska, Connecticut, California, Illinois, and Oregon—have per-capita ...

Read More

She Survived China’s Forced Labor Camp. Now She’s Urging Americans to Reject Socialism.

Rob Bluey / @RobertBluey / The Daily Signal Chinese labor-camp survivor Jennifer Zeng at the "Free China" premiere on June 4, 2013, in ...

Read More

Democrat Congresswoman is Sending her Staff to Mexico to Coach Illegals on How to Exploit Trump’s Deportation Policy and Remain in U.S.

Freedom News Report A Democrats Congresswoman is reportedly orchestrating a fraud on the American people by coaching migrants to mislead U.S. ...

Read More

2000 CENSUS USED CITIZENSHIP QUESTION, OBAMA BANNED IT IN 2010

 STEVEN AHLE /SteadfastAndLoyal. We were previously told that the citizenship question had not appeared on the census form since 1950. Now, ...

Read More

The Daily Jot

The Daily Jot News analysis from a prophetic Christian worldview The makings of the coup NOTE: When writing about God and Jesus, The Daily ...

Read More

From the White House--Resolute Reads

  President Donald J. Trump issued an executive order on Thursday that directs "all other departments and agencies provide the Commerce ...

Read More

Look What Trump Has Done to the Economy

American Retirement Insider The delirious Democrats will never admit that the wonderful President Trump is responsible for the 224,000 jobs ...

Read More

Latest News

[smoothslider]

The Unseen Economic Benefits of Brexit

Share

Our focus on the immediate costs of EU departure risks blinding us to the very real costs of maintaining the status quo.

By Madeline Grant                                                      @fee.org

 

In a now-famous essay, “What is Seen and What Is Not Seen,” the great economist Frederic Bastiat warned against judging the value of any activity in a vacuum.

Bastiat’s “broken window fallacy” brilliantly exposes a common tendency to focus on the visible, tangible benefits of an action—the “seen”—while neglecting the “unseen” penalties and long-term drawbacks associated with the same activity—the invisible cost of opportunities foregone.

Though he wrote the essay in 19th-century France, Bastiat’s insights have a timeless wisdom. We live with the consequences of reductive “broken window” thinking every day, especially where public money is concerned. Politicians often praise the visible benefits of public spending, e.g. the number of jobs “created,” without considering whether the funds could have been spent more wisely elsewhere or even how the taxpayer might have spent the cash had it remained in his or her pocket.

For my money, the fraught Brexit debate badly needs a dose of Bastiat.

Read more

Comments are closed.

Polls

Please take our reader satisfaction poll. Please select one from each part.

View Results