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Economic Facts and Fallacies By Thomas Sowell. 2008. New York, NY, Basic Booh. Pp. 272. $26.00 hardcover.
In this book, Thomas Sowell, the wellknown conservative African- American economist, marshals volumes of facts from statistics, history, and economics and assorted other disciplines to dispel "false beliefs" or fallacies. Most of the fallacies of concern underlie economic policies that have not achieved their objectives and have often led to disastrous unintended consequences. Others are the basis of arguments for policies that, if implemented, would have harmful effects. During this campaign season, many of them will be shamelessly repeated over and over again in hopes that authences will accept them on faith without evidence or proof. They will be discussed around water coolers and other venues in businesses across the country. Consequently, this is a very timely book for business economists.
Some fallacies have formal names. Policies based on the "zero sum fallacy" assume that...