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The Fallacy That Author States Essay Assignment Paper
Question
Read chapter 2

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The Fallacy That Author States Essay Assignment Paper

Question

Read chapter 2 "The Broken Window" from Economics In One Lesson and answer the following questions: https://www.liberalstudies.ca/wp- content/uploads/2014/11/Economics-in-One- Lesson_2.pdf a. Briefly describe the fallacy that author states. (Maximum 200 words) b. According to the author's explanation why is it a fallacy? (Maximum 50 words) The Fallacy That Author States Essay Assignment Paper

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Step-by-step

Step 1/2
a.
In Chapter 2 of "Economics In One Lesson," the author, Henry Hazlitt, discusses the fallacy of the broken window. This fallacy suggests that breaking a window and paying someone to repair it is good for the economy because it creates employment for the glazier. This fallacy assumes that the money spent on the repair is new money injected into the economy, but in reality, that money could have been spent on something else, such as a new suit or book. This alternative spending would have also created employment and added value to the economy. Therefore, the broken window fallacy ignores the opportunity cost of the window repair and fails to consider the unseen effects of that spending. The Fallacy That Author States Essay Assignment Paper
  • Explanation for step 1
Above is the description about fallacy which the author have stated.
Step 2/2
b.
According to the author's explanation, the broken window fallacy is a fallacy because it fails to recognize the opportunity cost of the window repair. The money spent on the repair is not new money injected into the economy, but rather money that could have been spent on other goods and services. By focusing only on the visible effects of the repair, the broken window fallacy ignores the unseen effects of the alternative spending that could have occurred. Therefore, the fallacy leads to a misunderstanding of the real economic consequences of the repair and distracts from the true sources of economic growth and well-being. The Fallacy That Author States Essay Assignment Paper
  • Explanation for step 2
Above is the explanation about fallacy
Final answer
The answer for the sub parts have been given in previous steps.
The Fallacy That Author States Essay Assignment Paper

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