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. Sacred Cow

    A firmly held mainstream belief that is considered to be true ...
Related Articles
  1. How Influential Economists Changed Our ...
    Fundamental Analysis

    How Influential Economists Changed Our ...

  2. Adam Smith And
    Entrepreneurship

    Adam Smith And "The Wealth Of Nations" ...

  3. Adam Smith: The Father Of Economics
    Economics

    Adam Smith: The Father Of Economics

  4. What Is International Trade?
    Personal Finance

    What Is International Trade?

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center