Analysis Of Broken Window Story By Henry Hazlitt

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One may think that economics is a complicated subject that should be studied and controlled by professionals. Government has been involved in making laws and regulations that affect economic principles. Three areas that can be strongly influenced by government controls are machine and technology advancement, rent controls, and minimum wage laws. Henry Hazlitt discusses how some economists and government officials only consider the immediate benefits for specific groups of people rather than fully assessing a decision to determine potential detriments that can occur in the future. People in society may feel that they need to help the lower socioeconomic population. Helping others can be a positive thing, but are we as a nation putting too much emphasis on helping specific groups in society?
The broken window story describes two different viewpoints of what could improve or deter economic growth. The story discusses what would happen if a young hoodlum threw a brick through a baker’s window causing damage. The first viewpoint is that the hoodlum caused a positive economic change since the baker now needs to spend money to fix the broken window. The money will go to the glazier meaning that the glazier has increased his business and he will spend the money earned on other products which will increase overall employment and …show more content…

If the government were able to lower rental costs, would it benefit those who cannot afford an increase in rent? This would be the immediate benefit. People would be able to better afford where they live. The issue is that the overall outcome is not considered. Rent control leads to unjust opportunities for those wanting to rent. The current residents would likely stay because of cheaper rent. It discourages landlords to repair or improved rental facilities since they no longer have a financial incentive. It also encourages the landlord to abandon current properties because of

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