Tag Archives: Paul Krugman

The Bookshelf: What is Seen and What is Unseen

What is Seen and What is Unseen is a part of both the Free Man’s Reading List and the Dark Enlightenment Reading List. It was written in the early 1800s by a Frenchman, Frederic Bastiat.

The writing is solid and moderately engaging, but nothing spectacular.

It’s a rather short book at less than 50 pages, but it gets its main point, that government spending and government debt have unseen negative consequences and you should be aware of unintended consequences when making policy, quite well. Essentially, it is a debunking on Keynesian BS from over a century before Keynesian BS existed. While reading the book, I couldn’t help like feeling Bastiat was intellectually bitch-slapping Paul Krugman from beyond the grave.

Given the age of the book, most of the arguments are well known on the right or among those with some economic knowledge, so if you’re knoweldgable about economics you might already know most of these arguments, such as the broken window parable, for which the book is known. To simplify the parable, a broken window does not lead to economic gains, as the person spending money to replace the window may be employing the glazier, but the tailor/printer is losing out as her is not buying a new book or new clothes.

But even if you know most of it, the most fascinating thing about this book is how little has changed in two hundred years. How can you not read this and think of the intellectual whores like Krugman:

But if, on the other hand, you come to the conclusion, as is too often the case, that it is a good thing to break windows, that it causes money to circulate, and that the encouragement of industry in general will be the result of it…

Or this, and think of every idiot socialist:

Our adversaries consider, that an activity which is neither aided by supplies, nor regulated by Government, is an activity destroyed. We think just the contrary. Their faith is in the legislator, not in mankind; ours is in mankind, not in the legislator.

Or this and think of the Fed:

Whatever may be the amount of cash and of paper which is in circulation, the whole of the borrowers cannot receive more ploughs, houses, tools, and supplies of raw material, than the lenders altogether can furnish; for we must take care not to forget, that every borrower supposes a lender, and that what is once borrowed implies a loan.

Anyway, the greatest thing about this book is seeing how retarded economic ideas parroted by  the ignorant and blind were intellectually destroyed two centuries ago by an economist most people have enver even heard of. Then you feel somewhat sad that mentally enfeebled will still gain traction with their debunked arguments.

Recommendations:

I would strongly recommend reading What is Seen and What is Unseen. It’s a short, quick guide to basic economic reasoning that demolishes Keynesian arguments.

The only reason not to read this book, is if you are reading another Austrian economics book that is more in-depth. For example, I have started reading Hazlitt’s Economics in One Lesson, and most of the subject matter of What is Seen and What is Unseen has been covered in the first few chapters of Hazlitt’s book.

But even then, the enjoyment of watching modern idiots being thrashed by some unknown Frenchman 150 years dead may make it worth your while.

Note: I am now moving onto Boston’s Gun Bible and Hazlitt’s Economics in One Lesson, if anyone is trying to read along with me.


Lightning Round – 2012/09/19

SSM comments on the search for the male unicorn. Also, comment of the week.

Elihu studies sex and the Bible. He then tries  attempts to rationalize fornication, but Pode thoroughly rebuts in the comments.
Related: SSM thoroughly studies the matter.
Related: Roissy discovers that abstinence leads to marital happiness.
Related: MGTOW and the Bible.
Related: Another classic MGTOW article. (Link for closed blog).

The psychology of the nanny state.

The insanity of the those dependent on the state.

Bill writes on envy.

Rather than be envious, learn how to succeed.

The failings of conservatives.

University: Sheer nonsense.

A rare moment of truth.
Related: It’s offensive to point out the truth.
Related: It sure is.
Related: 1/16 people is on disability.

The federal debt is designed to keep you in chains.

The finances of a dying superpower.
Related: The foreign policy of a dying superpower. Related.

No one is safe from family court.

The mortgage cops can come for you as well.

Even letting your kids play outside can lead to being jailed.

Krugman’s a jackass.

Speaking of poor economics, the poor are not as poor as assumed.

Most food allergies are fake. Surprising.

Greenpeace should be tried for crimes against humanity.
Related: That’s a nice pic.

Don’t trust “experts“.

(H/T: Maggie’s Farm, the Captain, Instapundit, SDA, Vox)


Lightning Round – 2012/05/22

Remember, your superiors know better than you how to raise your children. (In this case, your superiors are the least competent of those our college system has pumped out).

Government theft can sometimes be more blatant than usual.

The government also hates it when you deprive them of their theft.

Never forget that Paul Krugman, while intelligent, is a complete idiot. From 2002, “Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.” And people still listen to him.

Greens have just as much disdain for life as the reds did.

Steyn writes a great article about Geert Wilders. Read it.

CDMN has an interesting conversation with Christian marriage counselors hamster. Spin once and spin again.

(h/t SDA)