Posts tagged with: Matthew Yglesias

Hurricanes almost always leave two things in their aftermath: broken windows and articles advocating the broken window fallacy.

As economist Don Boudreaux wrote earlier today, “Americans will soon be flooded by commentary that assures us that the silver lining around the destruction caused by hurricane Sandy is a stronger economy. Such nonsense always follows natural disasters.” The only detail Boudreaux gets wrong is that such nonsense has preceded the actual disaster. The Atlantic, wanting to get a jump on being wrong, published an article today at noon arguing that Hurricane Sandy will “stimulate the economy” in two ways:

First, the threat of a dangerous event pulls economic activity forward. Families stock up on extra food and supplies to prepare for a disaster. Second, and much more significantly, the aftermath of storms requires “replacement costs” that raise economic activity by forcing business and government to rebuild after a destructive event.

Frederic Bastiat provided the ultimate rebuttal to this spurious thinking 162 years ago in his essay ‘That Which is Seen, and That Which is Not Seen.’ So why do we people make the same claim that destruction is economically beneficial? Could it be that people are simply unaware of Bastiat’s “parable of the broken window”?

Back in August economist Bryan Caplan asked why the one group that should be familiar with Bastiat’s essay—economists—don’t universally love it:
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The Hunger Games TrilogyIn today’s Acton Commentary, “Secular Scapegoats and ‘The Hunger Games,'” I examine the themes of faith and freedom expressed in Suzanne Collins’ enormously popular trilogy. The film version of the first book hit the theaters this past weekend, and along with the release has come a spate of commentary critical of various aspects of Collins’ work.

As for faith and freedom, it turns out there’s precious little of either in Panem. But that’s not necessarily such a bad thing, as I argue in today’s piece: “If Panem is what a world without faith and freedom looks like, then Collins’ books are a cautionary tale about the spiritual, moral, and political dangers of materialism, hedonism, and oppression.”

Last week I was also privileged to participate in a collection of pieces at the Values & Capitalism website related to “The Hunger Games.” I provide an alternate ending (along with some explanation here) at the V&C site, where you can also check out the numerous other worthy reflections on Collins’ work.
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