Looking for Bastiat's Broken Window Fallacy Where There Isn't One. A libertarian friend on Facebook linked to this two-minute interview of William Dudley, president of the New York Federal Reserve Bank, and claimed that Dudley was subscribing to Frederic Bastiat's famous broken window fallacy. He's not. There is one statement I wish Dudley had made to clarify his point, but the statement I wish he had made is implicit in one word he uses. Let's quickly review the broken window fallacy. Bastiat tells of the boy who breaks a window at a bakery. People in the crowd say that's good. Why? Because then it will give more work to glaziers. Bastiat points out that what's unseen is that then the baker will have
David Henderson considers the following as important: Growth: Causal Factors
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