Today marks the birth of Frederic Bastiat in 1801.
He is well known for writing ‘The Law‘ in 1850 which gives his view on the legitimate purpose of government. One point being that when government does not protect liberty and property it is contrary to the legitimate function of government. Part of his influence in writing The Law was from Locke and in turn Bastiat influenced Hazlitt’s ‘Economics in one Lesson‘. Bastiat’s study in Opportunity Cost in the Fallacy of the Broken Window is another popular work from Bastiat’s short time as an economist/author.
One of my personal favorites is a short satire on protectionism. Give it a listen:
or if you prefer it in print.
Hoist your beverage of choice today in honor of Frederic Bastiat! He would be 210 years old today and surely the free world was shorted by his death at only 49.