Economic Sophisms

Fr�d�ric Bastiat's passionate arguments for free trade and enterprise left a lasting mark upon the fledgling science of economics, with the author stridently dispelling many myths and misunderstandings. Setting out to outline principles of economics for the reader, Bastiat does so with a difference: by fiercely debunking misconceptions and falsehoods about the concepts and discoveries which comprised economic thought. Sometimes venturing to humor in demonstrating his points, it is thus that Economic Sophisms escapes the impenetrable dryness for which certain contemporaries were famous. Together with satirical barbs at flawed thinking by both economic scholars and the popular media of his time, Economic Sophisms also contains anecdotes and examples which serve to illustrate the author's points. As an ardent supporter of free trade unhindered by regulations and limitations, Bastiat was frustrated with the emerging trends in society whereby protectionism and socialist policies were increasingly demanded by the populations of Europe. Perhaps the most famous passage of Economic Sophisms is that which concerns the 'Negative railroad'. In this essay, the governments of France and Spain build a railroad between their two countries; the result is that goods are cheaper to ship and sell between the nations. However both their governments, and certain businessmen, are afraid of being out-competed by the other country. The result being that tariffs are enacted, raising the prices of goods back to pre-railroad levels. This edition contains the classic translation to English by Patrick James Stirling, a member of the Royal Society of Edinburgh who specialized in economics.