Economic Facts and Fallacies
Format: PDF / Kindle (mobi) / ePub
From one of America's most distinguished economists, a short, brilliant and revelatory book: the fundamental ideas people most commonly get wrong about economics, and how to think about the subject better.
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 readers. 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 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.
consistent with a widely held vision of the world— and this vision is accepted as a substitute for facts. Subjecting beliefs to the test of hard facts is especially important when it comes to economic beliefs because economic realities are inescapable limitations on millions of people's lives, so that policies based on fallacies can be devastating in their impacts. Conversely, seeing through those fallacies can open up many unsuspected opportunities for a better life for millions of people. This
Economie Facts and Fallacies women that are likely to be greater than the costs imposed on men, as well as greater than in occupations where seniority is not such a factor or is no factor at all. However, even some non-unionized companies may have seniority systems which have the same economic effect, reducing women's earnings prospects more than those of men. Seniority is often also a factor in civil service jobs, likewise reducing women's earnings prospects more than those of men. Quite
women aren't afraid of hard work and responsibility. But it's hard to sustain a 73hour workweek if you have serious responsibilities in other parts of your life.65 Chapter 4 A c a d e m i c Facts Fallacies and Most universities are nonprofit. There is no bottom line. Did Yale have a good year in 2004? Who knows? Its stock is not traded. Administrators and faculty are not rewarded for increasing profits by reducing costs or improving product quality. Richard Vedder 1 C olleges and
short, those who are lagging are offered a better public image instead of better prospects. Claims by some that they cannot understand or justify large income differences ("disparities," "inequities") are another version of the presumption that third parties are the best judges— as if people's incomes, like their housing arrangements, should be judged by what a tableau they present to outsiders, rather than how they reflect the choices and mutual accommodations of those directly involved. Such
external causes predominate as explanations of group disparities in income and crime rates, among other things. These external causes range from employer discrimination to high prices in low-income neighborhoods to inadequate transportation to get to work. Any questioning of these explanations may bring a charge of "blaming the victim." But the very question at issue is whether victimization is the explanation. As for blame, who can be blamed for inheriting a culture that existed before they