Essays on Political Economy

Description

Claude Frederic Bastiat was a French political economist and classical liberal who brought important contributions in economy, such as the concept of opportunity cost, as well as countless essays and books in which he shows his talent of presenting often complex economic problems in a simple and easily understandable way. His seminal work, “Essays on Political Economy” is a timeless collection of ideas and reasoning which aim to explore as well as protect concepts such as free market and limited government interference.

Bastiat begins his essays by stating that he intends to explore the interest of capital and argue that it is lawful and an essential principle in economics. He goes on to reason that governments take away money from one group of people and then give it to another group. He argues that this does not actually produce a benefit to society as a whole, but creates a burden. He also argues government investments in the military, roads and dams and other fields should not be claimed to create new jobs, but to state the reason why they can benefit society. These investments make sense when society needs a developed infrastructure or defense and not for any other reason.

As a classic liberal, he also argues that the money taken away from the people through taxes could be put to better use by the people they are taken the money from. The people would have the opportunity to invest in things that would provide them with benefits and meet their specific needs.

Some people might wonder why they would read a 19th century French economist. His works are highly regarded today, as his remarkable economic genius and valuable insight have proven to be timeless and perfectly applicable in our days. “Essays on Political Economy” is certainly a must read for anyone pursuing economics or trying to understand more about the world.
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