Frédéric Bastiat
French classical liberal theorist, political economist, and member of the French assembly / From Wikipedia, the free encyclopedia
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Claude-Frédéric Bastiat (/bɑːstiˈɑː/; French: [klod fʁedeʁik bastja]; 30 June 1801 – 24 December 1850) was a French economist, writer and a prominent member of the French Liberal School.[1]
Frédéric Bastiat | |
---|---|
Member of the French National Assembly | |
In office 1848 – 24 December 1850 | |
Personal details | |
Born | Claude-Frédéric Bastiat (1801-06-30)30 June 1801 Bayonne, France |
Died | 24 December 1850(1850-12-24) (aged 49) Rome, Papal States |
Academic career | |
School or tradition | French Liberal School |
Influences | Cobden, Dunoyer, Say, Hume, Gibbon, Voltaire, Rousseau, Smith, Turgot |
Contributions | Legal plunder Parable of the broken window The Law |
A member of the French National Assembly, Bastiat developed the economic concept of opportunity cost and introduced the parable of the broken window.[2] He was described as "the most brilliant economic journalist who ever lived" by economic theorist Joseph Schumpeter.[3]
As an advocate of classical economics and the economics of Adam Smith, his views favored a free market and influenced the Austrian School.[4] He is best known for his book The Law, where he argued that law must protect rights such as private property, not "plunder" others' property.