Frederic Bastiat

Economics of Frѐdѐric Bastiat:

Frѐdѐric Bastiats’ major economic works mainly focus on government involvement in the economy. Bastiat was also a huge supporter of free market (Richman, 2000). In his most famous work The Law Bastiat describes a system of laws and how those laws enable a free society (Roche, 1971). Bastiat believed in government subsidy only when they were limited, he was strongly against protectionism (de Huszar, 1986, p. 12, C. 7). The most important contribution Bastiat made in economics was his idea that “good economic decisions can be made only by taking the full picture into account” (Richman, 2000). Bastiat believed that to make informed decisions one must consider not just immediate consequences, but how decisions affect society as a whole. The Bastiat rule about what needs to be considered is best defined by Bastiat himself “What is seen and what is not seen”.

Conclusion:

Although Claude Frѐdѐric Bastiat lived a mere forty nine years, he made a large impression in the field of economics. He was a firm believer of a free market with as little government involvement as possible. Bastiat would challenge outdated ways of thinking by dialectically presenting the facts to show the irrationality within. With several influential public works Bastiat challenged the evolving world with modern ideas. His career as an economist was cut short by his untimely death, and many often wonder how many more ideas a longer life could have borne.

Bibliography

Roche, George, Charles. (1971). Frederic Bastiat, a Man Alone. Retrieved from ISBN 978-0870001161.

Russell, Dean. (1969) Frederic Bastiat: Ideas and Influence. Retrieved from ISBN 537-077325745.