The Candlemakers' Petition, Frédéric Bastiat

The Candlemakers' Petition by Claude Frédéric Bastiat, an audio transcript of the English translation of the work.

The Candlemakers' Petition was written by Bastiat in 1845 in his book 'Economic Sophisms' as a parody of the policy of protectionism. Many economists consider the work as relevant and true today as it was back then.

Please feel free to rate and comment on the video, as well as discuss the theory of the work.

Category:

Education

Tags:

• Candlemaker's
• Candlemakers'
• Candlemakers
• Candle-makers
• candle
• makers
• Petition
• Claude
• Frédéric
• Frederic
• Bastiat
• Economics
• Sophisms
• Protectionism
• Free-trade
• The
• Law

[weavermama]

Another way to understand the inherent flaws of mercantilism and state protectionism is to think about how we operate as individuals. We determine the goods and services for which we are particularly suited to produce, and we trade for those things which would be highly inefficient/laborious or even impossible to produce.

[sonofecthelion]

@weavermama That's a really good way of putting it. Indeed, protectionism in this "micro" sense actually exists in the form of lobbying for licences, regulation and other forms of anti-free market policy that interest groups and trade unions support so much. Just as we know the "petition" by the candlemakers is economic nonsense, as is protectionism, so too can we deduce that corporatist/trade unionist lobbying is also counter-productive.

[cartmanfan0316]

I wonder if Paul Krugman ever heard about Bastiat?

[sonofecthelion]

@cartmanfan0316 I doubt it. It's far too sophisticated and it deals with economic intricacies that would blow his simplistic "Borrow and spend more!" philosophy apart.

[ftorresgamez]

Bastiat is truly a towering intellect. It was unfortunate he had a relatively short life, but he is still one of the greatest thinkers of the XIX Century. No economist worth his salt can simply be without reading Bastiat's "That Which is Seen and That Which is Not Seen."

it is a shame that the country that gave birth to this man is now under the spell of socialists and fascists, the very same people that Bastiat debunked in his time so elegantly.

[sonofecthelion]

I think you're exactly right with what you say there. The French model these days is one of a tightly-controlled economy, rampant and illiberal unions and an inefficient welfare state propped up by heavy taxes.

[AggieAssassin]

lmao, Bastiat was the man.

[thepiachu]

Reminds me of SOPA.

[CoombesKidd]

Is it me, or at 3:00 did Bastiat predict the multiplier effect argument? This guy was a century before his time

[gdbalck]

Would the day come when more people hear this than watch a single Lady Gaga video!!! 

[weavermama]

I know it is quite an intellectual leap, but if the law of Karma ( perfect cause and effect) is presupposed, then it is impossible to commit a immoral deed while acting in one's own self interest. What Bastiat calls "ignorant greed" is truly a failure to see that right action and self preservation are inextricably tethered. In that sense, few are as ignorant corporatist/trade unionists/regulators and all other beneficiaries of legal plunder.

[SirTenenbaum]

Bastiat is my hero!!!

[gabe8124]

now they are banning light bulbs!

[DKshad0w]

The answer is clear. We must destroy the sun.

[carcabe]

Bastiat is as fresh and relevant today as he was over 150 years ago.