'Political Economy' is a collection of essays by the French economist and writer Frederic Bastiat. The book was first published in 1850 and contains some of Bastiat's most famous essays, including 'The Law' and 'What Is Seen and What Is Not Seen.'
In 'Political Economy,' Bastiat argues for free-market economics and limited government intervention in the economy. He critiques protectionist policies and argues that free trade leads to greater economic growth and prosperity. He also discusses the role of government in providing public goods and services, such as infrastructure and education.
One of Bastiat's most famous essays, 'The Law,' argues that the purpose of the law is to protect individual rights and that any government action that goes beyond this is a violation of those rights. He also discusses the concept of 'legal plunder,' which occurs when the government takes from some individuals to give to others, and argues that this is unjust and counterproductive.
Overall, 'Political Economy' is a seminal work in the field of economics and a classic of classical liberal thought. It continues to be studied and debated today for its insights into free-market economics and the role of government in the economy.
'Harmonies of Political Economy' is a major work by the French economist Frederic Bastiat, who lived from 1801 to 1850. The book, which was first published in 1850, explores the principles of economic theory and argues that free markets are the most effective way to promote economic growth and prosperity.
Bastiat believed that government intervention in the economy, such as tariffs, subsidies, and regulations, were counterproductive and tended to distort markets and create inefficiencies. He argued that free trade, competition, and individual liberty were the key ingredients to a harmonious and prosperous society.
In 'Harmonies of Political Economy,' Bastiat also discussed the concept of economic harmony, which refers to the idea that individual self-interest and the pursuit of profit can lead to outcomes that benefit society as a whole. He argued that the market was a self-correcting mechanism that could adjust to changing conditions and ensure that resources were allocated efficiently.
Overall, Bastiat's work in 'Harmonies of Political Economy' was influential in the development of classical liberal economic thought and remains relevant today in debates over the role of government in the economy.
How is it that the law enforcer itself does not have to keep the law? How is it that the law permits the state to lawfully engage in actions which, if undertaken by individuals, would land them in jail? These are among the most intriguing issues in political and economic philosophy. More specifically, the problem of law that itself violates law is an insurmountable conundrum of all statist philosophies. The problem has never been discussed so profoundly and passionately as in this essay by Frederic Bastiat from 1850.
First published as a pamphlet in June 1850, The Law is already well over a hundred years old, and it will still be read when another century has passed.
America now faces the same situation France did in 1848 and the same socialist-communist plans and ideas adopted there are now sweeping America-the collapse of Communism in Eastern Europe notwithstanding. Bastiat's explanation of and arguments against socialism are as valid today as they were when written, and his ideas deserve serious consideration.
"Socialism, like the ancient ideas from which it springs, confuses the distinction between government and society. As a result of this, every time we object to a thing being done by government, the socialists conclude that we object to its being done at all. We disapprove of state education. Then the socialists say that we are opposed to any education. We object to a state religion. Then the socialists say that we want no religion at all. We object to a state-enforced equality. Then they say that we are against equality. And so on, and so on. It is as if the socialists were to accuse us of not wanting persons to eat because we do not want the state to raise grain."-Frédéric Bastiat
Translated by Dean Russell
""Full of truths that are not merely relevant but are absolutely vital to our future."-Dick Armey, former majority leader, US House of Representatives."
The Law was originally published as a pamphlet in French in 1850 by Frederic Bastiat. It is his most famous work and was written two years after the third French Revolution of 1848. It defines, through development, a just system of laws and then demonstrates how such law facilitates a free society.
Bastiat was a French classical liberal theorist, political economist, and member of the French assembly. He was notable for developing the important economic concept of opportunity cost. He was the author of many works on economics and political economy, generally characterized by their clear organization, forceful argumentation, and acerbic wit.
Born in Bayonne, Aquitaine, France, Bastiat was orphaned at nine and became a ward of his paternal grandparents. At 17, he left school to work in his family's export business. Economist Thomas DiLorenzo suggests that this experience was crucial to Bastiat's later work since it allowed young Frédéric to acquire first-hand knowledge of how regulation can affect markets. When Bastiat was 25, his grandfather died, leaving the young man the family estate, thereby providing him with the means to further his theoretical inquiries.
After the middle-class Revolution of 1830, Bastiat became politically active and was elected justice of the peace in 1831 and to the Council General in 1832. He was elected to the national legislative assembly after the French Revolution of 1848. His public career as an economist began in 1844 and was cut short by his untimely death in 1850.
Bastiat (bawst ya) (1801-1850) was an economist, a member of the French assembly, and an influential libertarian speaker and writer. 'The Law', Bastiat's most famous work, argues that the purpose of the law is the protection of individual rights, and that when governments adopt policies favoring particular industries or groups, the law becomes an instrument of injustice and oppression.
Bastiat considers the value of a broken window in promoting industry; the value of armies, public works, and government credit guarantees in increasing employment; the danger that better machinery poses to employment; the use of tariffs to protect industry, and other economic fallacies.
