John Tamny of RealClearMarkets
When asked who his favorite economist was, Ronald Reagan used to say Fredric Bastiat. Bastiat was a 19th-century economic philosopher from France, and while his numerous books are full of countless insights, he’s probably best known for introducing the notion of the “seen and the unseen.”
To explain this in easy-to-understand terms, Bastiat referenced a broken window. In this case, the “seen” was a shopkeeper’s broken window that would create economic growth for the shopkeeper hiring a glazier to replace the window, with the glazier spending the money earned elsewhere. Break enough windows and suddenly a great deal of economic activity occurs.
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