Session 6: The Battle for the World Economy Part Two

Reading Assignment: Frederic Bastiat (1850) "That Which Is Seen, And That Which Is Not Seen;"  Chapter 1: "The Broken Window" and Hackbarth, Sean (2014) "Broken Windows: The Flawed Economic Logic of EPA's Carbon Regulations" U.S. Chamber of Commerce. (September 25), Accessed September 22, 2019 at http://edwardwimberley.com/courses/EnviroPhilo/BrokenWindowFallacy.pdf

Video Assignment:Commanding Heights Episode Two: The Agony of Reform; Heaven on Earth: The Rise and Fall of socialism Part Two

Homework Assignment:

1. Briefly describe's Bastiat's argment in "That Which is Seen and Unseen."

2. Explain what factors led to the economic downturn in the second part of the 20th century, what reform effort were employed and how they produced what the film makers refer to as "agony."

3. Bastiat talks about the "broken window parable" in discussing his theory of economic choice. Consider the article "Broken Windows: The Flawed Economic Logic of EPA's Carbon Regulations" and explain how Bastiat's theory appllies to this regualtory approach.

4. So in what ways has socialism failed given the video you watched?