The Neglected Costs of the Warfare State: An Austrian Tribute to Seymour Melman

"Libertarians often point to "What Is Seen and What Is Not Seen," a famous essay in which economist Frédéric Bastiat (1801–1850) makes perhaps the most important, if easily neglected, point in all of economics: to understand the economy properly we must consider not merely the immediate effects of a proposed government intervention on certain earmarked groups, but also its long-term effects on society as a whole."