Economic Fallacies

Rating:
Summary: All killer, no filler
Review: Frederic Bastiat was a fine economist, but also one of the most lucid and concise writers in any field ever. He explains his views with an impressive combination of iron-clad logic, excellent prose style, humour, clarity and brevity. Important economic concepts that a Samuelson might spend 2 pages of obscuritan econo-speak labouring to explain, Bastiat makes crystal clear in a 2 line pun or paragraph-long satirical swipe. The man is a joy to read - one of the few economists whose writings will make you laugh out loud.

The stylistic concision and simplicity is also matched by the quality and rigour of the arguments made. Namely, perhaps the most robust defense of free trade, and complete and utter assassination of fallacious economic reason ever put to print. The entire career of protectionists like Pat Buchanan is rendered obsolete by a few sentences from this book. One chapter more and you will never be able to take industry subsidies seriously again. Continue reading, and you will quickly be convinced by Bastiat that today's debates about the trade deficit are simply the modern equivalent of medieval alchemy (i.e. complete nonsense).

For anyone knowledgeable in economics, this is the perfect work from which to draw brilliant refutations of standard fallacies. Bastiat's quipping one-liners go down well with non-economists, demonstrating that good economics is anything but a dismal science. For those less familiar with the subject, it is one of the most enjoyable and informative crash-courses in economic common sense. Read and understand this book, and you will be highly unlikely to make the economic howlers that our politicians have been repeating for centuries.

Rating:
Summary: Bastiat triumphs...Deachman does okay
Review: This work could well have been titled the "Capitalist Manifesto," such was influence it and its author had on contemporary Europe. Unlike their communist counterparts, sadly, Bastiat and his "Economic Fallacies" have faded from the public eye. Nevertheless, Bastiat stands among the great advocates for free-trade that the West has ever known. Even though the battle against tariffs is largely won in principle, the war against protectionism goes on. His arguments are clear, simple, usually water-tight, and entirely relevant in the twenty-first century. His wit is exceptional and memorable, especially his classic "Candlemaker's Petition," which could very well have inspired an episode of "The Simpsons." Bastiat gets a five-star rating, but it's the translation that's on trial here.

It's important to note that Deachman translated this work in Canada during the early Depression, so his English is occasionally a little odd to the eyes of this American. Where footnotes would suffice, Deachman takes some dubious liberties in excising portions of the original French that he deems irrelevant. His prose, while good on its own, is a little too clunky at points, whereas Bastiat's is usually very light and crisp. My biggest nit to pick is the inconsistency in his use of currency units: sometimes using francs, sometimes pounds, and other times dollars. But still, it's a good translation of a great work.

Buy it. Read it. Love it.

Rating:
Summary: Bastiat triumphs...Deachman does okay
Review: This work could well have been titled the "Capitalist Manifesto," such was influence it and its author had on contemporary Europe. Unlike their communist counterparts, sadly, Bastiat and his "Economic Fallacies" have faded from the public eye. Nevertheless, Bastiat stands among the great advocates for free-trade that the West has ever known. Even though the battle against tariffs is largely won in principle, the war against protectionism goes on. His arguments are clear, simple, usually water-tight, and entirely relevant in the twenty-first century. His wit is exceptional and memorable, especially his classic "Candlemaker's Petition," which could very well have inspired an episode of "The Simpsons." Bastiat gets a five-star rating, but it's the translation that's on trial here.

It's important to note that Deachman translated this work in Canada during the early Depression, so his English is occasionally a little odd to the eyes of this American. Where footnotes would suffice, Deachman takes some dubious liberties in excising portions of the original French that he deems irrelevant. His prose, while good on its own, is a little too clunky at points, whereas Bastiat's is usually very light and crisp. My biggest nit to pick is the inconsistency in his use of currency units: sometimes using francs, sometimes pounds, and other times dollars. But still, it's a good translation of a great work.

Buy it. Read it. Love it.