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- Bastiat's arguments in favor of a limited government, free markets, and unrestricted international trade provided a strong influence on the development of the Austrian school of economics, whose first writers began to emerge several decades after Bastiat's death.
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Mar 11, 2024 · Frederic Bastiat was a 19th-century economist who commented on role of the state in economic development, and highlighted flaws in protectionism.
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A member of the French National Assembly, Bastiat developed the economic concept of opportunity cost and introduced the parable of the broken window. [2] He was described as "the most brilliant economic journalist who ever lived" by economic theorist Joseph Schumpeter .
But in a broader sense Bastiat made a big contribution: his fresh and witty expressions of economic truths made them so understandable and compelling that the truths became hard to ignore. Bastiat was supremely effective at popularizing free market economics.
Oct 2, 2022 · In the span of six short years, Bastiat littered Western Europe with brilliant economic tracts, essays, pamphlets, and books. His ideas ultimately inspired other well-known thinkers, such as Gustave de Molinari and Henry Hazlitt, many members of the Austrian School, and countless others.
Jun 25, 2024 · Frederic Bastiat, French economist, best known for his journalistic writing in favor of free trade and for his opposition to the rise of socialism, which he identified with protectionism. Economic theorist Joseph Schumpeter called Bastiat ‘the most brilliant economic journalist who ever lived.’
Mar 17, 2024 · What impact did Bastiat have on modern economics? Bastiat’s ideas continue to influence economic thought, particularly in the realm of free market advocacy and individual liberty. He laid the groundwork for the Austrian school of economics and remains a respected figure in the field.
Bastiat was supremely effective at popularizing free-market economics. When he learned of Richard Cobden’s campaign against the British Corn Laws (restrictions on the import of wheat, barley, rye, and oats), Bastiat vowed to become the “French Cobden.”
