Books Essays On Political Economy 1874 By M. Ric Bastiat

"Essays On Political Economy" (1874) by Frédéric Bastiat is a foundational work of classical liberal economics focused on the interaction between the economy and the state. Bastiat was a strong advocate for free markets, free trade, and limited government. His essays explain economic principles in clear, accessible language, creatively highlighting the importance of economic freedom for growth and peace.

Key themes include the harmony of interests between capitalists and workers, disproving the socialist notion of inherent class conflict. Bastiat argued that wealth is created through voluntary exchange and that value is subjective, revealed only through individual preferences and market behavior. His famous essay "What is Seen and What is Not Seen" emphasizes opportunity costs and the often overlooked indirect effects of economic policies.

Bastiat's political economy critique centers on the state's role as a potential source of "legal plunder," where government reallocates resources by taking from some to give to others, disrupting natural economic harmony. He insisted government should be limited to protecting life, liberty, and property. Bastiat also made a compelling case for free trade as both economically beneficial and a promoter of peace, highlighting historically how tariffs often precipitate conflict.