Thursday, 26 January 2012

The Great Depression and the Broken Window Fallacy

Yaron Brook discusses the economics of the Great Depression, with an explanation of the broken window fallacy, the most common error in economics.



From his talk 'Why Bad Economics Won't Go Away.'

2 comments:

  1. Great stuff... also I fished around and watched the whole event (2 YouTube sequences) and I was amazed and delighted to see objectivism so well laid out. Thanks for the link.

    One thing that stood out for me was how the humanities branches of our universities have collapsed from logic and rationalism into superstition, relativism and a world view devoid of absolute values and truths. I blame my generation for this; in the 60s it was de rigour to reduce everything to a matter of one's personal perspective and accept nothing as fact and look where this has led us.

    ReplyDelete
  2. The Broken Window, from the same school of economics that thinks the Christchurch earthquake is good for the economy.

    ReplyDelete

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