Frederic Bastiat

AAA

DEFINITION of 'Frederic Bastiat'

A 19th-century philosopher and economist famous for his ideas about the role of the state in economic development. Frederic Bastiat was known for pointing out flaws in protectionism, as well as other political and economic principles, through satire. He wrote "Economic Sophisms" while living in England during the Industrial Revolution, and "The Law", a work outlining how a free society can develop through a just legal system. Bastiat died in 1850.

INVESTOPEDIA EXPLAINS 'Frederic Bastiat'

One of Bastiat's witty contributions within "Economic Sophisms" was known as the "Candlemaker's Petition", a satire of the role of protectionism in economics. In the story, candlemakers across France join forces and protest against the unfair competition they face from the sun, in this case considered a "foreign competitor". They petition the government that there are many advantages to blocking the sun.

RELATED TERMS
  1. Perfect Competition

    A market structure in which the following five criteria are met: ...
  2. Adam Smith

    An 18th-century philosopher and free-market economist famous ...
  3. Economist

    An expert who studies the relationship between a society's resources ...
  4. Monopolistic Market

    A type of market that features one, if not all, of the traits ...
  5. Protectionism

    Government actions and policies that restrict or restrain international ...
  6. Fintech

    Fintech is a portmanteau of financial technology that describes ...
RELATED FAQS
  1. What is the candle maker's petition?

    The "Candle Maker's Petition" is a satire of protectionist tariffs written the by great French economist, Frederic Bastiat. ... Read Full Answer >>
  2. According to the neoclassical growth theory, what factors influence the growth of ...

    The neoclassical growth theory builds five major variables into its time-sensitive production formula. The first is total ... Read Full Answer >>
  3. What industries are typically considered infant industries?

    Infant industries are those considered vulnerable to established competitors. Some examples of infant industries include ... Read Full Answer >>
  4. How is game theory related to the Nash equilibrium?

    The Nash equilibrium is an important concept in game theory referring to a stable state in a game where no player can gain ... Read Full Answer >>
  5. How can individuals or businesses handle transaction costs for economic externalities?

    Externalities, also known as external economies, and transaction costs are two significant and evolving issues in contemporary ... Read Full Answer >>
  6. How can a change in fiscal policy have a multiplier effect on the economy?

    A change in fiscal policy has a multiplier effect on the economy because fiscal policy affects spending, consumption and ... Read Full Answer >>
Related Articles
  1. Fundamental Analysis

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  2. Entrepreneurship

    Adam Smith And "The Wealth Of Nations"

    Adam Smith's 1776 classic may have had the largest global impact on economic thought.
  3. Economics

    Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  4. Personal Finance

    What Is International Trade?

    Everyone's talking about globalization, so we explain what is it and why some oppose it.
  5. Fundamental Analysis

    4 Misconceptions About Free Markets

    These fallacies have hounded free market economists since the days of Adam Smith.
  6. Economics

    The Basics Of Tariffs And Trade Barriers

    Everything you need to know - from the different types of tariffs to their effects on the local economy.
  7. Personal Finance

    No, Money Doesn't Grow On Trees

    It’s never too soon to start teaching children important life lessons about money. Here are six books that make it fun.
  8. Personal Finance

    What Is The “Taper Tantrum” And Should You Fear It?

    If the Fed can figure out a way to raise interest rates and mitigate the effects, then the possible Taper Tantrum will barely be felt.
  9. Stock Analysis

    Google Stock: A Tale of Two Share Classes

    Google stock comes in two different flavors with different rights for shareholders.
  10. Personal Finance

    How To Calculate Beta Of A Private Company

    We explain two methods for calculating the beta of a private company.

You May Also Like

Hot Definitions
  1. Multicurrency Note Facility

    A credit facility that finances short- to medium-term Euro notes. Multicurrency note facilities are denominated in many currencies. ...
  2. National Currency

    The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is ...
  3. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  4. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
  5. European Central Bank - ECB

    The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed ...
  6. Quantitative Easing

    An unconventional monetary policy in which a central bank purchases private sector financial assets in order to lower interest ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!