The French classical Liberal Frederic Bastiat penned a famous essay titled That Which is Seen And That Which is Not Seen. In it, Bastiat dealt with several basic fallacies in economic thinking. Given that Bastiat was perhaps the clearest economic writer in history, one would hope that the fallacies would have faded, but such is not the case. Fallacies repeat themselves over and over, subject to an intellectual form of Gresham’s Law: bad ideas drive out good. The fallacy Bastiat points out is the thinking that, because money is spent upon a particular purchase by someone, it must be...Read More
Author: Christopher McDonald
In Athens, in the year 399 B.C.E., a man gave a defense of himself. Accused of teaching new gods, and of corrupting the youth of the city, he responded famously. An oracle of Apollo said that none was wiser than he, which the defendant took to mean that he am wise because he knew that he was not. That man was Socrates, and his awareness of his own limits was part of what made him a great man. His quest for wisdom made him an immortal figure for history, one of two deaths which fundamentally shaped Western civilization. Today,...Read More
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