The Unseen in Economics - Part I

The underlying, and fatal, problem of political economics was explained in exquisite detail in 1848 by Frederic Bastiat, French economist, statesman and author, in his essay "What is seen and what is not seen in political economy." Politicians and their lap-dog economists have been pretending otherwise ever since. In this first of several posts about this seminal essay, we'll unearth the foundation of ever-shifting sand that underlies the entire concept of political economics.