The Seen And Unseen Of Covid-19

We have always thought that one of the most crucial theorems of human action is embedded in Bastiat’s parable of the broken window per his classic 1850 essay: “Ce qu’on voit et ce qu’on ne voit pas” (“That Which We See and That Which We Do Not See”).

Surely the Fed’s nourishment of uneconomic, failing corporate zombies with virtually zero-cost debt is a classic current example. The businesses kept on artificial life support actually cause economic loss by locking in labor and capital resources which otherwise would be more productively re-employed elsewhere.