Is Hurricane Sandy good for the economy?
As posted at the LearningLiberty.org You Tube Channel on 6/23/11
Does destruction create jobs? After natural disasters, terrorist
attacks, and wars, some people argue that these disasters are good for
the economy, because they create jobs and prosperity. As Prof. Art
Carden of Rhodes College explains, this is an example of the "Broken Window Fallacy", a term coined by Frederic Bastiat in his 1850 essay, "That Which is Seen, and That Which is Not Seen".
When
a shopkeeper's window is broken, he will spend money on a new window,
which gives income and jobs for glaziers. This activity is "seen", but
the "unseen" is just as important: the money spend on a new window
could have been spent on other things. Wealth has not increased, but
only reallocated from some people to others, and society is worse off
by one window.
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