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.
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Book Description
Editorial Reviews
About the Author
Thomas Sowell has taught economics at a number of colleges and universities, including Cornell, University of California Los Angeles, and Amherst. He has published both scholarly and popular articles and books on economics, and is currently a scholar in residence at the Hoover Institution, Stanford University.
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More About the Author
Thomas Sowell has taught economics at Cornell, UCLA, Amherst and other academic institutions, and his Basic Economics has been translated into six languages. He is currently a scholar in residence at the Hoover Institution, Stanford University. He has published in both academic journals in such popular media as the Wall Street Journal, Forbes magazine and Fortune, and writes a syndicated column that appears in newspapers across the country.
Customer Reviews
Most Helpful Customer Reviews
230 of 247 people found the following review helpful
By Stephen Dean
Format:Hardcover
I got this book to check out Sowell's take on the "Vanishing Middle Class." In just a few paragraphs he is able to completely turn that notion on its head... and show why the oft repeated claim is jibberish. I now know this book will be an excellent resource for fighting commonly held economic fallacies. Yesterday I read the chapter on Men vs. Women pay. The commonly held belief is that women don't make as much as a man because of discrimination. While keeping an open minded view that discrimination could come in to play, Sowell delivers an extremely convincing alternative argument for the discrepancy in pay. This book really is an eye opener.
271 of 300 people found the following review helpful
Format:Hardcover|Amazon Verified Purchase
Economic Fallacies is the third book by Thomas Sowell I've read this year and it continues to illustrate why he is one of the most important conservatives in America today. His writing beams with scholarship and clarity. There are no wasted words and the work is an arsenal of information. These chapters should be read and reread as they thoroughly refute the positions of those who irrationally regard America as being a racist, sexist and corrupt state.
Sowell debunks the myth of female oppression by highlighting the way that statistics are jiggled in the hopes of morphing the USA into a patriarchy. Indeed, in my opinion, our nation is closer to being a matriarchy than it is anything else. The old 74 cent to the dollar feminist canard is refuted after he teases out the example of unmarried, childless women. They oftentimes are anything but oppressed. Indeed, in many cases they make even more money than their male age-mate peers. Much of the difference between the sexes, in terms of wage, is a result of personal choice. Women work fewer hours and are more likely to choose stability over cash when deciding on a career. Women also select less dangerous jobs than do men as indicated by the statistic he cites showing that 92 percent of those who die in job-related accidents are male.
In terms of class, all of us who ever have tried to debate the left comprehend the error in their perceptions--as does Sowell who eliminates their positions with ease. Unfortunately, it's a serious challenge to ever get them to come around as they would feel contaminated should they ever try to examine world events through the eyes of a conservative. Rife among our opposition is the belief that only a finite amount of money exists in the world, and, if you have lots of it, that automatically means that thousands have none of it. While pseudo-liberals appear to have heard of "economic growth" they have yet to internalize its meaning. This is why they are so enamored with redistributing the rest of population's wealth. They dub this larceny "social justice" despite real social justice embodying the practice of letting people keep what they earn. Tragically, without a basic understanding of economics the left will continue to hike taxes until...the welfare state collapses along with the nation as a whole. Once they eradicate the rich there will be no one left to fund the dole.
With race, Sowell tears apart [yet again] the notion that blacks make less due to discrimination. He refers to an argument here I never heard elsewhere--but greatly appreciate--which is that when a particular group's mean age is lower, as is the case with blacks, they generally have lower incomes than do groups with higher mean ages. This makes perfect sense as a group of 20-year-olds never make as much as those nearing the end of that particular decade; although, his insight matters little as the mainstream media has no use for nuance. They crusade against injustice even though, most often, they are ones who perpetuate it.
Sowell debunks the myth of female oppression by highlighting the way that statistics are jiggled in the hopes of morphing the USA into a patriarchy. Indeed, in my opinion, our nation is closer to being a matriarchy than it is anything else. The old 74 cent to the dollar feminist canard is refuted after he teases out the example of unmarried, childless women. They oftentimes are anything but oppressed. Indeed, in many cases they make even more money than their male age-mate peers. Much of the difference between the sexes, in terms of wage, is a result of personal choice. Women work fewer hours and are more likely to choose stability over cash when deciding on a career. Women also select less dangerous jobs than do men as indicated by the statistic he cites showing that 92 percent of those who die in job-related accidents are male.
In terms of class, all of us who ever have tried to debate the left comprehend the error in their perceptions--as does Sowell who eliminates their positions with ease. Unfortunately, it's a serious challenge to ever get them to come around as they would feel contaminated should they ever try to examine world events through the eyes of a conservative. Rife among our opposition is the belief that only a finite amount of money exists in the world, and, if you have lots of it, that automatically means that thousands have none of it. While pseudo-liberals appear to have heard of "economic growth" they have yet to internalize its meaning. This is why they are so enamored with redistributing the rest of population's wealth. They dub this larceny "social justice" despite real social justice embodying the practice of letting people keep what they earn. Tragically, without a basic understanding of economics the left will continue to hike taxes until...the welfare state collapses along with the nation as a whole. Once they eradicate the rich there will be no one left to fund the dole.
With race, Sowell tears apart [yet again] the notion that blacks make less due to discrimination. He refers to an argument here I never heard elsewhere--but greatly appreciate--which is that when a particular group's mean age is lower, as is the case with blacks, they generally have lower incomes than do groups with higher mean ages. This makes perfect sense as a group of 20-year-olds never make as much as those nearing the end of that particular decade; although, his insight matters little as the mainstream media has no use for nuance. They crusade against injustice even though, most often, they are ones who perpetuate it.
92 of 103 people found the following review helpful
Format:Hardcover
There is no end to the exposure of crackpot left-wing theorists in the media. Happening upon an appearance of a conservative economist like Thomas Sowell in the media, however, is extraordinary, which is the nation's loss.
Sowell is a prolific writer, but I doubt he reaches a fraction of the audience of a crank like Paul Krugman.
In this slim volume, Sowell exposes, refutes and debunks six of the major economic fallacies of our time:
1. Urban Facts and Fallacies
2. Male-Female Facts and Fallacies
3. Academic Facts and Fallacies
4. Income Facts and Fallacies
5. Racial Facts and Fallacies
6. Third World Facts and Fallacies
As you've probably noticed, these are six of the major flashpoint issues of our times - and Sowell knocks down the myths and lies the left-wing has worked so hard to spread.
For example, Sowell shows how elitists have made the most desirable areas of California unaffordable for all but the very rich through restrictive policies. This results in various hypocrisies, such as driving out poor blacks from places like San Francisco and also contributes to the fallacy of a lack of "affordable housing". The latter is not the fault of evil conservatives, but of very selfish left-wingers.
Sowell applies his truly formidable knowledge and scalpel-like logic to each of these six fallacies, slicing away the untruths and revealing that the United States is not a nation of massive inequalities, but is in fact still the land of opportunity.
As Sowell puts it so well, "[s]ome things are believed because they are demonstrably true. But many things are believed because they are consistent with a widely held vision of the world - and this vision is accepted as a substitute for facts." For those willing to learn, Sowell demolishes six major myths here. Would that there were more like Sowell - and those willing to learn from him.
Jerry
Sowell is a prolific writer, but I doubt he reaches a fraction of the audience of a crank like Paul Krugman.
In this slim volume, Sowell exposes, refutes and debunks six of the major economic fallacies of our time:
1. Urban Facts and Fallacies
2. Male-Female Facts and Fallacies
3. Academic Facts and Fallacies
4. Income Facts and Fallacies
5. Racial Facts and Fallacies
6. Third World Facts and Fallacies
As you've probably noticed, these are six of the major flashpoint issues of our times - and Sowell knocks down the myths and lies the left-wing has worked so hard to spread.
For example, Sowell shows how elitists have made the most desirable areas of California unaffordable for all but the very rich through restrictive policies. This results in various hypocrisies, such as driving out poor blacks from places like San Francisco and also contributes to the fallacy of a lack of "affordable housing". The latter is not the fault of evil conservatives, but of very selfish left-wingers.
Sowell applies his truly formidable knowledge and scalpel-like logic to each of these six fallacies, slicing away the untruths and revealing that the United States is not a nation of massive inequalities, but is in fact still the land of opportunity.
As Sowell puts it so well, "[s]ome things are believed because they are demonstrably true. But many things are believed because they are consistent with a widely held vision of the world - and this vision is accepted as a substitute for facts." For those willing to learn, Sowell demolishes six major myths here. Would that there were more like Sowell - and those willing to learn from him.
Jerry
Most Recent Customer Reviews
5.0 out of 5 stars
Why Don't We Hear These Facts Anywhere Else?
You'll never mistake Thomas Sowell's writing style for Dan Brown's. But for an economist and teacher, he's about the clearest writer you'll find. Read more
Published 9 days ago by Florida Golfer
5.0 out of 5 stars
Excellent
This book is an eye opener. Dr. Sowell scrutinizes a variety of social stigmas and popular beliefs using statistical data and common sense.
Published 11 days ago by Andrew
5.0 out of 5 stars
Excellent debunking of conventional wisdom
I live in Ireland and while many of our societal issues are not the same as American ones, they have some of the same terms of reference and the language about 'fairness' and the... Read more
Published 1 month ago by Karl Deeter
5.0 out of 5 stars
loved it
The quick brown fox jumped over the lazy dog. sorry, but i do not feel like typing an actual review.
Published 1 month ago by Josiah
5.0 out of 5 stars
Not agree with "most helpful critical review"
This is the first Sowell book I have read as well, and I just finished it. The argument from "Mostly facts...? Read more
Published 2 months ago by Moriarty
5.0 out of 5 stars
Sowell does it again
I was so intrigued by this book. As a college student, I find myself up against the discussion of EVERY SINGLE issue that Sowell addresses in Economic Facts and Fallacies. Read more
Published 2 months ago by jjeck
5.0 out of 5 stars
Thomas Sowell is the Master Economist-Philosopher of our Times
Thomas Sowell is a master at demystifying piece by piece the worst shibboleths propagated by sycophants media. Read more
Published 3 months ago by Louise Zizka
5.0 out of 5 stars
Another great economic reference book by Dr. Sowell
He provides economics in a way non-economists can better understand and relate to real economics! I will add more of his book and articles to my read & reference materials ASAP!
Published 3 months ago by Ron Keister
4.0 out of 5 stars
Very informative.
In typical Thomas Sowell fashion, he uses logic and facts to help better understand the circumstances. Read more
Published 3 months ago by RockLaw
5.0 out of 5 stars
New perspective to ask the right questions
Fantastically well researched, Thomas Sowell does a wonderful job of proving his positions with facts and pointing out how easily a little spin goes a long way in politics. Read more
Published 3 months ago by Eric
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
