(AP Photo/Charles Krupa, File) In economics and social science, Bastiat’s Parable of the Broken Window illustrates the law of unintended consequences. It describes a careless son who breaks his father’s window. The father then has to spend his own money repairing the window. A government official walks by, and reasons that the broken window was good , because the glazier profits from selling the replacement, and money circulates through the economy. The government official is wrong, though, because the unseen cost of repairing the window is that the father does not get to spend that money elsewhere in a […]
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