Frederic Bastiat

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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.

BREAKING DOWN '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.

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

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