Fact And Fallacy In Economics

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Economic Facts and Fallacies

Author : Thomas Sowell
Publisher : Basic Books
ISBN 13 : 0465026303
Total Pages : 295 pages
Book Rating : 4.4/5 (65 download)

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Book Synopsis Economic Facts and Fallacies by : Thomas Sowell

Download or read book Economic Facts and Fallacies written by Thomas Sowell and published by Basic Books. This book was released on 2011-03-22 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thomas Sowell “both surprises and overturns received wisdom” in this indispensable examination of widespread economic fallacies (The Economist) Economic Facts and Fallacies exposes some of the most popular fallacies about economic issues-and does so in a lively manner and without requiring any prior knowledge of economics by the reader. These include many beliefs widely disseminated in the media and by politicians, such as mistaken ideas about urban problems, income differences, male-female economic differences, as well as economics fallacies about academia, about race, and about Third World countries. One of the themes of Economic Facts and Fallacies is that fallacies are not simply crazy ideas but in fact have a certain plausibility that gives them their staying power-and makes careful examination of their flaws both necessary and important, as well as sometimes humorous. Written in the easy-to-follow style of the author's Basic Economics, this latest book is able to go into greater depth, with real world examples, on specific issues.

Economic Facts and Fallacies

Author : Thomas Sowell
Publisher : Basic Books
ISBN 13 : 9780465022038
Total Pages : 0 pages
Book Rating : 4.0/5 (22 download)

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Book Synopsis Economic Facts and Fallacies by : Thomas Sowell

Download or read book Economic Facts and Fallacies written by Thomas Sowell and published by Basic Books. This book was released on 2011-03-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thomas Sowell's indispensable examination of the most popular economic fallacies In Economic Facts and Fallacies, Thomas Sowell exposes some of the most popular fallacies about economic issues in a lively manner that does not require any prior knowledge of economics. These fallacies include many beliefs widely disseminated in the media and by politicians, such as fallacies about urban problems, income differences, male-female economic differences, as well as economic fallacies about academia, about race, and about Third World countries. Sowell shows that fallacies are not simply crazy ideas but in fact have a certain plausibility that gives them their staying power--and makes careful examination of their flaws both necessary and important.

Economics in One Lesson

Author : Henry Hazlitt
Publisher : Crown Currency
ISBN 13 : 0307760626
Total Pages : 220 pages
Book Rating : 4.3/5 (77 download)

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Book Synopsis Economics in One Lesson by : Henry Hazlitt

Download or read book Economics in One Lesson written by Henry Hazlitt and published by Crown Currency. This book was released on 2010-08-11 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day. Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy. Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication.

Adam's Fallacy

Author : Duncan K. Foley
Publisher : Harvard University Press
ISBN 13 : 0674027078
Total Pages : 284 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis Adam's Fallacy by : Duncan K. Foley

Download or read book Adam's Fallacy written by Duncan K. Foley and published by Harvard University Press. This book was released on 2009-06-30 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book could be called "The Intelligent Person's Guide to Economics." The title expresses Duncan Foley's belief that economics at its most abstract and interesting level is a speculative philosophical discourse, not a deductive or inductive science. Adam's fallacy is the attempt to separate the economic sphere of life, in which the pursuit of self-interest is led by the invisible hand of the market to a socially beneficial outcome, from the rest of social life, in which the pursuit of self-interest is morally problematic and has to be weighed against other ends.

Business Cycles: Fact, Fallacy And Fantasy

Author : Sumru G Altug
Publisher : World Scientific
ISBN 13 : 9814470465
Total Pages : 161 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis Business Cycles: Fact, Fallacy And Fantasy by : Sumru G Altug

Download or read book Business Cycles: Fact, Fallacy And Fantasy written by Sumru G Altug and published by World Scientific. This book was released on 2009-12-01 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of the modern theory and empirics of business cycles. Written by one of the pioneering authors in this field, it examines the notion of a business cycle and discusses alternative approaches to modeling. Arguably, one of the most important debates in this literature has been the issue of “matching” a business cycle to the data. In their original contribution, Kydland and Prescott (1982) proposed the method of calibration as a way of examining the implications of a business cycle model; yet, even at its inception, this approach came under criticism from a variety of sources. This monograph will examine some of these criticisms and discuss alternative approaches that have been put forward. More generally, it will discuss what lies ahead for modern business cycle theory.

Economic Fallacies

Author : Frederic Bastiat
Publisher : Simon Publications
ISBN 13 : 9781931541022
Total Pages : 0 pages
Book Rating : 4.5/5 (41 download)

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Book Synopsis Economic Fallacies by : Frederic Bastiat

Download or read book Economic Fallacies written by Frederic Bastiat and published by Simon Publications. This book was released on 2001-08-16 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, written by the celebrated nineteenth century French economist propagating free trade, reads as it was written yesterday.

Intellectuals and Society

Author : Thomas Sowell
Publisher : Basic Books
ISBN 13 : 0465031102
Total Pages : 496 pages
Book Rating : 4.4/5 (65 download)

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Book Synopsis Intellectuals and Society by : Thomas Sowell

Download or read book Intellectuals and Society written by Thomas Sowell and published by Basic Books. This book was released on 2012-03-06 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: The influence of intellectuals is not only greater than in previous eras but also takes a very different form from that envisioned by those like Machiavelli and others who have wanted to directly influence rulers. It has not been by shaping the opinions or directing the actions of the holders of power that modern intellectuals have most influenced the course of events, but by shaping public opinion in ways that affect the actions of power holders in democratic societies, whether or not those power holders accept the general vision or the particular policies favored by intellectuals. Even government leaders with disdain or contempt for intellectuals have had to bend to the climate of opinion shaped by those intellectuals. Intellectuals and Society not only examines the track record of intellectuals in the things they have advocated but also analyzes the incentives and constraints under which their views and visions have emerged. One of the most surprising aspects of this study is how often intellectuals have been proved not only wrong, but grossly and disastrously wrong in their prescriptions for the ills of society -- and how little their views have changed in response to empirical evidence of the disasters entailed by those views.

Discrimination and Disparities

Author : Thomas Sowell
Publisher : Basic Books
ISBN 13 : 1541617835
Total Pages : 218 pages
Book Rating : 4.5/5 (416 download)

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Book Synopsis Discrimination and Disparities by : Thomas Sowell

Download or read book Discrimination and Disparities written by Thomas Sowell and published by Basic Books. This book was released on 2019-03-05 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: An enlarged edition of Thomas Sowell's brilliant examination of the origins of economic disparities Economic and other outcomes differ vastly among individuals, groups, and nations. Many explanations have been offered for the differences. Some believe that those with less fortunate outcomes are victims of genetics. Others believe that those who are less fortunate are victims of the more fortunate. Discrimination and Disparities gathers a wide array of empirical evidence to challenge the idea that different economic outcomes can be explained by any one factor, be it discrimination, exploitation, or genetics. This revised and enlarged edition also analyzes the human consequences of the prevailing social vision of these disparities and the policies based on that vision--from educational disasters to widespread crime and violence.

Applied Economics

Author : Thomas Sowell
Publisher : Basic Books (AZ)
ISBN 13 : 9780465081431
Total Pages : 270 pages
Book Rating : 4.0/5 (814 download)

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Book Synopsis Applied Economics by : Thomas Sowell

Download or read book Applied Economics written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2004 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: A companion volume to Basic Economics discusses the application of economics to such world problems as medical care, discrimination, and the development of nations, examining economic policies in terms of their immediate and longer-term repercussions.

Fifty Economic Fallacies Exposed

Author : Geoffrey E. Wood
Publisher :
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Fifty Economic Fallacies Exposed by : Geoffrey E. Wood

Download or read book Fifty Economic Fallacies Exposed written by Geoffrey E. Wood and published by . This book was released on 2002 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1988, Professor Geoffrey Wood of the Sir John Cass Business School, has written a regular column in the IEA's journal, Economic Affairs, in which he exposes popular economic fallacies. Fifty Economic Fallacies Exposed collects fifty of these columns and exposes numerous common fallacies. These lucid and stimulating columns are invaluable to students struggling to master some of the complexities of economic theory and its applications, who often find the most effective way to learn economic analysis is to see such fallacies exposed. It is a text particularly suitable for first year economics students, complementing existing textbooks as it does, and clarifying basic concepts in economics while demonstrating the practical uses of economic theory.

General Theory Of Employment , Interest And Money

Author : John Maynard Keynes
Publisher : Atlantic Publishers & Dist
ISBN 13 : 9788126905911
Total Pages : 410 pages
Book Rating : 4.9/5 (59 download)

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Book Synopsis General Theory Of Employment , Interest And Money by : John Maynard Keynes

Download or read book General Theory Of Employment , Interest And Money written by John Maynard Keynes and published by Atlantic Publishers & Dist. This book was released on 2016-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning

The Failure of the "New Economics"

Author : Henry Hazlitt
Publisher : Ludwig von Mises Institute
ISBN 13 : 1610164504
Total Pages : 473 pages
Book Rating : 4.6/5 (11 download)

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Book Synopsis The Failure of the "New Economics" by : Henry Hazlitt

Download or read book The Failure of the "New Economics" written by Henry Hazlitt and published by Ludwig von Mises Institute. This book was released on 1959 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Butterfly Economics

Author : Paul Ormerod
Publisher : Pantheon
ISBN 13 : 0307819418
Total Pages : 288 pages
Book Rating : 4.3/5 (78 download)

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Book Synopsis Butterfly Economics by : Paul Ormerod

Download or read book Butterfly Economics written by Paul Ormerod and published by Pantheon. This book was released on 2012-05-23 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why did VHS, an inferior video recording technology, succeed in the marketplace, driving the superior Betamax out of business? Why do big-budget, acclaimed movies sometimes flop at the box office, while low-budget, idiosyncratic films become huge hits? The answers to these questions, says Paul Omerod, remind us that economics is a science based on the workings of human society, as unpredictable an entity as there is. "Conventional economics is mistaken," claimes Omerod, "when it views the economy as a machine, whose behavior, no matter how complicated, is ultimately predictable and controllable." In this cogently and elegantly argued analysis of why human beings persist in engaging in behavior that defies time-honored economic theory, Omerod also explains why governments and industries throughout the world must completely reconfigure their traditional methods of economic forecasting if they are to succeed and prosper in an increasingly global marketplace.

The Paradox of Choice

Author : Barry Schwartz
Publisher : Harper Collins
ISBN 13 : 0061748994
Total Pages : 308 pages
Book Rating : 4.0/5 (617 download)

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Book Synopsis The Paradox of Choice by : Barry Schwartz

Download or read book The Paradox of Choice written by Barry Schwartz and published by Harper Collins. This book was released on 2009-10-13 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.

The Deficit Myth

Author : Stephanie Kelton
Publisher : PublicAffairs
ISBN 13 : 1541736206
Total Pages : 311 pages
Book Rating : 4.5/5 (417 download)

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Book Synopsis The Deficit Myth by : Stephanie Kelton

Download or read book The Deficit Myth written by Stephanie Kelton and published by PublicAffairs. This book was released on 2020-06-09 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Risk, Uncertainty and Profit

Author : Frank H. Knight
Publisher : Cosimo, Inc.
ISBN 13 : 1602060053
Total Pages : 401 pages
Book Rating : 4.6/5 (2 download)

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Book Synopsis Risk, Uncertainty and Profit by : Frank H. Knight

Download or read book Risk, Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.

The Fallacy of Net Neutrality

Author : Thomas W. Hazlett
Publisher : Encounter Books
ISBN 13 : 159403592X
Total Pages : 60 pages
Book Rating : 4.5/5 (94 download)

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Book Synopsis The Fallacy of Net Neutrality by : Thomas W. Hazlett

Download or read book The Fallacy of Net Neutrality written by Thomas W. Hazlett and published by Encounter Books. This book was released on 2011 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: "There is little dispute that the Internet should continue as an open platform," notes the Federal Communications Commission. Yet in a curious twist of logic, the FCC has moved to upend the rules yielding that outcome, imposing "network neutrality" regulations on broadband-access providers. The new mandates purport to prevent Internet "gatekeepers" by prohibiting networks from favoring certain applications. In this comprehensive Broadside, Thomas W. Hazlett explains the faulty economic logic behind the FCC's regulations. The "open Internet"--thriving without such mandates--allows consumers, investors, and entrepreneurs to choose the best platforms and products, testing rival business models. Networks are actively (and efficiently) involved in managing traffic and promoting popular applications, making the entire ecosystem more valuable. This is a spontaneous market process, not a planned structure, and the commission's restrictions threaten to stifle innovation and economic growth.