August 30, 2012 § Leave a comment
Left: Frédéric Bastiat (1801-1850), French political economist
It was Bastiat who created the rationale for Usury as put forward by Austrian Economics today: the lender should be compensated by the borrower for the time during which the former could not make use of his capital. However, as the Transparent Unicorn shows, this argument is inconsistent with Bastiat’s own, original, thoughts on economics.
A sometimes forgotten strand of Libertarianism flourished in 19th-century France, one that represents an important link between 18th-century English free-market economists such as Adam Smith and the classic Austrian school founded by Carl Menger. One of the most illustrious representatives of this French school of laissez-faireeconomics, and certainly the one most closely associated with Libertarian views, was the economist, politician, and polemicist Frédéric Bastiat (1801-1850).
Bastiat’s writings are worth reading for their…
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