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Frédéric Bastiat: World-Class Economic Educator Robert L

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Frédéric Bastiat: World-Class Economic Educator Robert L Economic Insights FEDERAL RESERVE BANK OF DALLAS VOLUME 3, NUMBER 1 Frédéric Bastiat: World-Class Economic Educator Robert L. Formaini Senior Economist Current policy debates The Dallas Fed has an active economic education followers of every fashion- are, with few exceptions, program, focusing on high school teachers of economics. able anti-free trade thinker of echoes of past intellectual the period. Using clever disagreements. As scholars Whenever I address a group of teachers, I invariably find examples directed to ordi- learn from experience, very myself extolling the virtues of Frédéric Bastiat as the nary people, he nonetheless little is new in the history of greatest economic educator of all time. I tell them that if stood firmly by his principles ideas: just when you think and passionately argued the you have found the original Bastiat isn’t their patron saint, he should be. To increase need for political freedom roots of an idea, its origin familiarity with Bastiat, I asked my colleague, Bob and its necessary corollary, can usually be pushed back Formaini, to write this short primer. the freedom to trade without even further with more re- arbitrary government restric- search. One example is the — Bob McTeer tions. President always divisive “free trade Federal Reserve Bank of Dallas Bastiat did not wish versus protectionism” debate. merely for cessation of un- Even after centuries of dis- necessary restrictions on com- cussions, books, movements, time in 50 years), the king, markets, and Bastiat stood merce. He argued also for elections and treaties cen- Louis Philippe, was forced to strongly for that tradition. He freeing the political prisoners tered around precisely this flee for his life. France was had seen what burdensome languishing in French jails topic, we still witness vast then in a position similar to government regulation and for having done nothing outpourings of rhetoric, both America’s after its successful taxation had done to his more than express or publish pro and con, whenever any break with Great Britain: it birthplace many years earlier, their opinions. Even though new trade-related policy (the had the opportunity to build as well as the serious effect most of these prisoners’ poli- ratification of NAFTA, for a new government—and, they had on France’s econ- tical opinions were in sharp example) becomes the issue hence, new public policies— omy during his years of contrast to his own, for of the moment. A sense of virtually from scratch. As a reflection. But the revolu- Frédéric Bastiat, laissez-faire historical perspective can be delegate to the French Assem- tionary government gathered meant not just the freedom valuable in these instances, bly from Mugron, Bastiat in Paris in 1848 shared many to trade goods and services because all the arguments found himself directly in the of the same weaknesses that but also the freedom to open- we are likely to hear on both middle of this great under- had plagued the French Rev- ly trade ideas. sides of this issue have prob- taking. Because of his re- olution and that had led to Bastiat was at his very ably been made before. cently published writings on the political terror that fol- best when creating simple, One of the most famous political economy and his lowed. Political demagogues powerful examples to refute participants in the debate widely known association of all persuasions played a the economic fallacies he between those who favor with the English Anti-Corn- prominent role in the crafting believed underlay his pro- free trade and those who Law League led by Richard of policies, and their payoffs tectionist opponents’ argu- do not was Claude Frédéric Cobden and John Bright, to special interest groups, ments. One justifiably famous Bastiat (1801–50). Born in Bastiat was, by 1848, a well- usually the producers of man- example is his Petition to Bayonne, France, Bastiat spent known defender of the ufactured goods, often led the Honorable Members of the major part of his life general policy called laissez- to outrageous inefficiencies. the Chambers of Deputies farming, studying and in con- faire (“allow to do”). Bastiat was usually outvoted (see box entitled “A Petition”). templation. In 1848, as revolt Proponents of laissez- and sometimes ignored by Bastiat’s chosen strategy was and political turmoil en- faire seek minimal or no this fervent collection of to take his opponents’ argu- gulfed France (for the second government regulation of communists and socialists, ments and apply the rhetori- cal technique of reductio ad mained effective. With neither absurdum. This technique A Petition hostility for his adversaries involves pushing an argu- nor nostalgia for the over- From the Manufacturers of Candles… ment to its logical extreme; To the Honorable Members of the Chamber of Deputies thrown monarchy, he repeat- if absurdity results, then it Gentlemen: edly turned his opponents’ becomes hard for anyone to You are on the right track.You reject abstract theories and have words against them in reveal- continue to believe in that little regard for abundance and low prices.You concern yourselves ing the emptiness of their argument. Bastiat’s Petition is mainly with the fate of the producer.You wish to free him from foreign arguments. Bastiat argued one of the great reductio competition, that is, to reserve the domestic market for domestic primarily that those voting industry.… examples in all of econom- We are suffering from the ruinous competition of a foreign rival for protectionist policies ics, but it was only one of who apparently works under conditions so far superior to our own for were voting for scarcity over many he effectively employed. the production of light that he is flooding the domestic market with it abundance. How is it ever When it was proposed in at an incredibly low price: for the moment that he appears, our sales possible, he asked, that the cease, all the consumers turn to him, and a branch of French indus- the Assembly that it would try whose ramifications are innumerable is all at once reduced to average person and, presum- be economically profitable to complete stagnation. This rival, which is none other than the sun, is ably, the nation can prosper interrupt a railroad line at waging war on us so mercilessly that we suspect he is being stirred by restricting the supply of Bordeaux because such a up against us by perfidious Albion, particularly because he has, for precisely those things people that haughty island a respect he does not show for us. [This refer- stop would stimulate trade ence is to England and its often foggy weather.] need? there, Bastiat suggested that We ask you to be so good as to pass a law requiring the clos- ing of all windows, dormers, skylights, inside and outside shutters, this hypothetical effect might Allow me to emphasize curtains, casements, bull’s-eyes, deadlights, and blinds—in short, well be extended to the all openings, holes, chinks, and fissures through which the light of this point, at the risk of entire length of the railway: the sun is wont to enter houses, to the detriment of the fair industries repeating myself. There is with which, we are proud to say, we have endowed the country, a a fundamental antagonism But if Bordeaux has a country that cannot, without betraying ingratitude, abandon us today between the seller and right to profit from a break to so unequal a combat. the buyer. The former in the tracks, and if this First, if you shut off as much as possible all access to natural wants the goods on the profit is consistent with light…what industry in France will not ultimately be encouraged? If market to be scarce, in the public interest, then France consumes more tallow, there will have to be more cattle and short supply, and expen- Angoulême, Poitiers, Tours, sheep, and, consequently, we shall see an increase in cleared fields, sive. The latter wants Orléans, and, in fact, all meat, wool, leather, and especially manure, the basis of all agricul- them abundant, in plen- tural wealth. If France consumes more oil, we shall see an expansion the intermediate points… tiful supply and cheap. in the cultivation of the poppy, the olive, and the rapeseed.…Our Our laws, which should ought also to demand moors will be covered with resinous trees. Numerous swarms of breaks in the tracks…for at least be neutral, take bees will gather from our mountains the perfumed treasures that the side of the seller the more there are of today waste their fragrance, like the flowers from which they these breaks in the line, against the buyer, the emanate. Thus, there is not one branch of agriculture that would not producer against the the greater will be the undergo a great expansion. amount paid for storage, consumer, of high prices The same holds true for shipping. Thousands of vessels will against low prices, of scar- porters, and cartage at engage in whaling, and in a short time we shall have a fleet capable every point along the city against abundance. of upholding the honor of France.…It needs but a little reflection, They operate, if not way. By this means, we gentlemen, to be convinced that there is perhaps not one shall end by having a intentionally, then logic- Frenchman…whose condition would not be improved by the suc- ally on the assumption railroad composed of a cess of our petition.* ■ whole series of breaks that a nation is rich when *From Economic Sophisms, 56–60. it is lacking in every- in the tracks, i.e., a nega- 3 tive railroad.1 (Bastiat’s thing.
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