Economic Facts and Fallacies
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Product Description
From one of America’s most distinguished economists, a fleeting, brilliant and revelatory book: the fundamental thoughts people most commonly get incorrect about economics, and how to reflect about the theme better.
Economic Facts and Fallacies exposes some of the most well loved fallacies about economic issues–and does so in a lively manner and lacking requiring any prior knowledge of economics by the readers. These fallacies include many beliefs widely scattered in the media and by politicians, such as fallacies 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 thoughts but in fact have a certain plausibility that gives them their staying power–and makes careful examination of their flaws both necessary and vital, as well as sometimes humorous.
Written in the simple to follow style of the leader’s Basic Economics, this latest book is able to go into greater depth, with real world examples, on point issues.
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Dr. Sowell is obviously an accomplished educator and economist. But, this effort fell reasonably a distance fleeting of the mark. Beginning with a definition of four common fallacies, he then proceeded to use them (particularly the fallacy of “construction”) throughout his book. At times, it seemed more of a rant against persons taking opposing positions on selected issues. The problem comes from his initial assumptions as to the reasons his positions were opposed in the first place. It seems each of his opinion was based upon a simplistic reduction to a single-variable relationship of cause and effect. If life were truly that simply, the book might have been more worthwhile.
Reader’s Rating: 2 / 5
This book in no way measures up to its relatively high rating. I read Chapters 1,2 and 4 and retired it. Sowell’s points on urban fallacies are superficial in the extreme, and I assumed the additional chapters would follow suit. Came away with nothing of value from this book – a rare occurence. Stay away.
Reader’s Rating: 1 / 5
This is a nice book and a refreshing read considering the fact that most economists are clueless. The one drawback to the book is, in the tradition of all econmists, this book lacks practical application how to use the information for funds. This is most likely due to the fact that economists have very small real world experience and they certainly have no experience managing assets.
I would recommend “America’s Financial Apocalypse: How to Profit from the Next Fantastic Depression (Condensed Edition)” as an brilliant companion to persons interested in doing well with their funds over the next several years. The book has an brilliant chapter detailing how Washington economists distort and hide critical economic data such as GDP and inflation. In addition, it is the only book to detail ALL of America’s problems (health care, Social Security, Real Estate Bubble, Free Trade, Immigration, Peak Oil, Corporate Fraud, Foreign Ownership, Education, etc.)
Finally, the leader makes bold predictions about the future of America and the capital markets and shows how to profit. Thus far, he has been 100% right in his predictions. America’s Financial Apocalypse: How to Profit from the Next Fantastic Depression (Condensed Edition)
Reader’s Rating: 5 / 5
The first chapter of Thomas Woods’s Meltdown is called “The Elephant in the Room.” Dr. Woods, of course, is referring to the Federal Set aside — a theme that merits just a few superficial mentions in Thomas Sowell’s Economic Facts and Fallacies, all in reference to the Fed’s statistical arm. In additional words, the greatest economic fallacy of all — that the Fed is a free-market institution that doesn’t pervert and distort every single economic transaction in the United States (and the world!) — is not even touched. As such, this book is essentially a hot pile of worthlessness.
There are some appealing insights and facts that (barely) merit a second star. But for the most part, Dr. Sowell’s economics are child’s play. He accepts the Fed, fiat-money central banking, the massive warfare state, drug prohibition, etc., and the state itself, lacking comment. He argues that CPI really understates “inflation,” thereby conceding the Keynesian definition of “inflation” as a rise in the fee level, while it really means a rise in the supply of money — THE most crucial economic thought — which he is 100% silent about. Prices would be falling absent the Fed’s Communistic central preparation, and these rises in living standards are sucked away from the poor and effective class and agreed to Dr. Sowell’s elitist paymasters.
Again, this book has a few decent insights, but Dr. Sowell misses the forest for the trees. He’s essentially a dancing monkey; a stage clown and token for the Establishment to point at, who tiptoes very carefully within the confines of politically right conservatism. There are only two distinctions among the schools of economics: Austrians and everybody else — and Sowell is NOT an Austrian. As such, his economics are WRONG, and incorrect is incorrect — he’s not “less incorrect” than Keynesians or Marxists; they’re all just incorrect! Sowell’s like of the Nanny State (albeit in conservative guise) blinded him, a supposed economic genius, to the obvious and inevitable crash, whereas Austrian thinkers saw it coming 1000 miles away. This book is a worthy read only for its demonstration that “conservative” economics is as morally and intellectually bankrupt as any additional element of “conservative” political ideology. Stick with Austro-libertarianism as a replacement for.
Reader’s Rating: 2 / 5
I’m a regular reader of Thomas Sowell’s online columns & a huge fan of any of his writings. I’d recommend to anyone interested that they read the reviews of “Basic Economics”(or better yet, the book itself!) and/or see any of Sowell’s columns/essays (simple to find w/ any online search) to get a excellent thought of the leader’s reasoned, grounded, and wise philosophy. Mr. Sowell possesses a truly fantastic mind, accompanied by an honest character, and an literary integrity second to none. Were I ever to meet this man, I’d prostrate myself before him with a Wayne & Garth-like, “I’m not wor-r-r-rthy!”. “Basic Economics” is a truly readable primer & I cannont wait to see “Economic Facts and Fallacies”!
Reader’s Rating: 5 / 5