Ten recurring economic fallacies, 1774-2004.
One of the most persistent is that of the broken window -- one breaks and this is celebrated as a boon to the economy: the window manufacturer gets an order; the hardware store sells a window; a carpenter is hired to install it; money circulates; jobs are created; the GDP goes up. In truth, of course, the economy is no better off at all.
This entry was published on January 13, 2008 at 09:38 am.
Tags for this entry: lists economics
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