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Opportunity Costs: The Parable of the Broken Window - Learn Liberty

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Some people argue that natural disasters and other acts of destruction create wealth and employment as we repair the damage they’ve caused. Professor Dan Russell explains that this fallacy fails to take into “opportunity costs” into consideration. Whenever we use a resource for one purpose, like fixing a window, we give up the opportunity to use that resource for another purpose. We only know if the use of a resource has created value if we compare it with the the alternate uses we had to forego. forego. SUBSCRIBE: http://bit.ly/2dUx6wgLEARN MORE: The Broken Window Fallacy (video): Art Carden explains the broken window fallacy https://www.youtube.com/watch?v=erJEa... Louisiana Floods Reveal Age Old Broken Window Fallacy (blog article): Don Boudreaux explains how many fell for the broken window fallacy in response to the recent flooding in Louisiana http://www.learnliberty.org/blog/loui... How a 19th century French pamphleteer preempted two centuries of economic fallacies (blog article): Christopher Todd Meredith explains Frederic Bastiat’s contributions to economics and political science, including the broken window fallacy http://www.learnliberty.org/blog/how-... TRANSCRIPT: The full transcript can be found at http://www.learnliberty.org/?p=8503

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broken window fallacy Mike Munger Michael Munger broken window opportunity cost in economics opportunity cost economics explain opportunity cost opportunity cost libertarian liberty Institute for Humane Studies Learn Liberty the The the The Windows windows window Windows windows window economics Economics
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