Frequent readers of the Paltry Press know that here, Noam Chomsky is a favorite intellectual opponent. Who needs straw men when Chomsky steadily spouts forth such economic nonsense? Just quickly skimming through the transcript of a recent talk of his, I found the broken windows fallacy:
It's been done before. So, during World War II, it was kind of a semi-command economy, government-organized economy. The whole -- that's what happened. Industry was reconstructed for the purpose of war, dramatically. It not only ended the Depression, but it initiated the most spectacular period of growth in economic history. In four years, US industrial production just about quadrupled, and that -- as the economy was retooled for war. And that laid the basis for the Golden Age that followed.
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1 comment:
Seth, before you accuse Chomsky of spouting economic nonsense, I think you need to explain a little better why this quote of his is an example of the broken window fallacy.
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