So I was watching Fifth Element on TV yesterday, and this scene caught my attention:
Zorg needs to read his Bastiat. Then again, he seems to focus on the flow of wealth and not the stock of wealth - and as I always emphasize -as long as you keep that as your focus you are not committing a "broken window fallacy".
And the way Zorg puts it, it also makes me wonder - how do you square Bastiat with what we know about evolution? In economics we sometimes like to pretend that seeking out the good is enough for progress. The fact is, reacting to the bad is also a motivator of progress. I'm not embracing broken windows here - it's just food for thought. Reality is a lot more complicated than Bastiat would have us believe.
UPDATE: I figured this sort of thing didn't escape people's attention - Wikipedia already documents it. Anyway, yesterday was the first time I made the connection.
On Mises’ Use of the Term “Inflation”
4 hours ago