Frédéric Bastiat：Economic Sophisms, Excerpt 112

We are constantly told that our principles do not hold good, except in theory. But tell me, gentlemen, if you regard the books of merchants as holding good in practice? It appears to me that if there is anything in the world which should have practical authority, when the question regards profit and loss, it is commercial accounts. Have all the merchants in the world come to an understanding for centuries to keep their books in such a way as to represent profits as losses, and losses as profits? It may be so, but I would much rather come to the conclusion that M. Lestiboudois is a bad economist.

Source： https://www.gutenberg.org/ebooks/44145
Locator：Excerpt 112 · Verified：2026-10-19 · Verification：Short excerpt

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