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Thomas Sowell

Economic Facts and Fallacies, 2nd edition Paperback – March 22, 2011

by Thomas Sowell (Author)

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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.

Print length

304 pages
Language

English
Publisher

Basic Books
Publication date

March 22, 2011
Grade level

11 and up
Reading age

13 years and up
Dimensions

5.5 x 0.75 x 8.25 inches
ISBN-10

0465022030
ISBN-13

978-0465022038
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Editorial Reviews

Review

"Thomas Sowell marshals his arguments with admirable clarity and authority. There is not a chapter in which he does not produce a statistic that both surprises and overturns received wisdom."―The Economist

"From one of America's most noted conservative economists, a short, original book that offers some unconventional ideas about how to think about common economic topics."―Baltimore Sun

"This readable volume is a useful primer exposing how economics relates to the social issues that affect our country."―Publishers Weekly

"Sowell's book dismantles many of the pervasive fallacies running rampant in politics today, broken into categories of urban life, gender, academia, income, race, and the problems of the third world. ... In Economic Facts and Fallacies, as in his other work, Sowell makes a persuasive and powerful case, armed with a solid arsenal of statistics, numbers, and historical facts."―RealClearPolitics.com

About the Author

Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University. He is the author of dozens of books including Charter Schools and Their Enemies, winner of the 2021 Hayek Book Prize. He is the recipient of numerous other awards, including the National Humanities Medal, presented by the President of the United States in 2003.

Product details

Publisher ‏ : ‎ Basic Books; 2nd edition (March 22, 2011)
Language ‏ : ‎ English
Paperback ‏ : ‎ 304 pages
ISBN-10 ‏ : ‎ 0465022030
ISBN-13 ‏ : ‎ 978-0465022038
Reading age ‏ : ‎ 13 years and up
Grade level ‏ : ‎ 11 and up
Item Weight ‏ : ‎ 9.2 ounces
Dimensions ‏ : ‎ 5.5 x 0.75 x 8.25 inches

Best Sellers Rank: #9,377 in Books (See Top 100 in Books)
- #5 in Free Enterprise & Capitalism
- #6 in Libertarianism
- #6 in Macroeconomics (Books)

Customer Reviews:
1,380 ratings

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Michael E. Martin

Don't Be Intimidated by the Title

Reviewed in the United States on March 16, 2018

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If you look at the title on the cover of this book, your first impression might be that it is a dry read of economic theory with lots of confusing graphs. That would be a mistaken. Easy to read, with lots of examples you can relate to, this book will change the way you listen to others’ economic explanations.

OK, so it is a bit dated in that was written in 2007. We’d like to think that everyone has developed a better understanding of economics since then, but that is simply not the case. In fact, some of the examples in the book sound remarkably like headlines or speeches we’re seen and heard in the last 6 months.

Impress your friends; tell them you’re reading a book on economics and then impress them even more by sharing a couple of things you’ve learned from this book about income disparity measures, wage discrimination, housing prices, and world economies.

My only disappointment is that the economics of health care are not addressed.

62 people found this helpful

Helpful

pd01

John Adams Quote Begins What I Hope Is A Great Book.

Reviewed in the United States on April 4, 2018

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Just getting started on this, but the Quote from John Adams that begins this book is incredibly relevant to today: "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." ---John Adams. This will be a great read for those of us who like to do our own research and thinking on issues. I'll chime back in after I have finished it if there is anything of note to say.

26 people found this helpful

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homeagain5000

Important and Interesting

Reviewed in the United States on October 11, 2019

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Well written, well researched. I highly recommend this book so that people will understand exactly what is going on in our lives and our economy and how and why some information is not presented in a transparent way. Thomas Sowell is a renown American economist and he covers a wide spectrum of issues. I am almost finished reading this book (on Chapter 6: Racial Facts and Fallacies). Includes endnotes.

16 people found this helpful

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jennifer b

This book is an essential tool to have and share in order to learn facts and reason accordingly

Reviewed in the United States on August 15, 2019

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As an avid reader and admirer of Mr. Sowell, I purchased this to gift to my college bound nephew. A bit easier to follow than the original. My hope was/is to give him tools to compare what he will be taught in the university against actual reality. This book makes a very good gift to help empower others to think independently and search for the truth.

12 people found this helpful

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Don M. Mcnulty

Writings of One of America’s Greatest Economist

Reviewed in the United States on October 31, 2020

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I have been a fan of Dr. Thomas Sowell for two decades now. One of the greatest men America has produced. If you haven’t read any of his writings you really don’t know what you’re missing. By reading Dr. Sowell’s works you can gain a high level of economic understanding, race relations, and other issues. Everyone I’ve asked to read his books and have always thank me for the recommendation.

4 people found this helpful

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Keith McCoy & Shannon Esbrandt

Become a debate winner with the knowledge in this book

Reviewed in the United States on April 9, 2021

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Thomas Sowell is my role model, true inspiration. Love watching his YouTube channel and loved this book. Read it very quickly as it was hard to put down. The amount of knowledge and facts in this is amazing, highly recommend!! Great for using these facts in debates!

4 people found this helpful

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Walter A

Insightful, well supported, and reasoned

Reviewed in the United States on September 16, 2021

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I was aware of some of the fallacies Sowell discusses in his book, but he has provided insight into just how dangerous these fallacies can be when they are used to direct public policy. He has clearly explained why some commonly held beliefs are wrong, and supported his conclusions with historical and factual references. Indeed, the book is 240 pages of text with an additional 30 pages of notes and citations of his source documents. In one particular case, he exposed one of my own misconceptions and convinced me I was mistaken. His work provided me with a better understanding of both the truth and the misguided or sometimes malevolent reasons that these fallacies are perpetrated and promoted.

In the many examples he discusses through the book, one of the interesting things I observed is how perpetrators or promoters of these fallacies have used similar means to support their flawed positions. One common method is to selectively ignore or hide any data or facts that don't support their position. Another is to base their positions on what sounds right, despite the vast historical evidence that proves the position is wrong.

We currently are living through very dangerous times for our nation. If we hope to survive both individually and as a country, it is up to every decent person to educate themselves and those around them. Critical thinking, reason and facts are essential to combating the misinformation and flawed thinking of those leading us down the path of self-destruction. This book is a good start for understanding not only some common misconceptions and fallacies, but also why these wrong ideas are so damaging to us all.

This book is just one I would recommend to anyone interested in individual freedom

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Jay Friedman

Awesome "here's what they don't tell you" book!

Reviewed in the United States on October 10, 2012

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Yes, this author is conservative politically and there are definitely points in the book where that is obvious. There are even a few stats/facts that you can tell were bent to say one thing over another but those are mostly few and far between.

I got this out of the way early for those wary of spin in this book. Mostly the book is just filled with fact after fact that contradicts the common ways of thinking about our culture and why we've evolved the way we have int he u.s.

If you are someone who already has your beliefs in concrete and don't want to think differently, don't bother. If you're open-minded, read through this. I guarantee you'll learn at least 5 things that change your views.

52 people found this helpful

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Top reviews from other countries

Norman12

Intellectual red meat

Reviewed in the United Kingdom on October 30, 2019

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This book consistently surprises and delights the reader with hard facts neglected by popular commentators, talking heads in the media, and those whose political self-interest lies in painting a picture of growing economic inequality. It's a real pleasure to be shown the other side of the argument in so many cases, and to witness how selective presentation of evidence has distorted the debate on identity politics for so long.

For example,
- there is a popular myth that household income has fallen in the last 50 years in some communities. But Sowell shows us that this is because household sizes have shrunk, not because wages have fallen.
- The gap in income between the bottom 20% and the top 20% has risen. But this is partially because government benefits are not factored into "income". Neither are assets or the benefits accruing from them; a 70 year old homeowner may have a lower income than a 20 year old apartment renter, but it is fallacious to say the former is "worse off" than the latter.
- Very few of the same people in the top 20% 30 years ago are still in the top 20% - most have fallen out of it. And many who were in the bottom 20% 30 years ago have risen out of it. The same applies to countries too.

A couple of criticisms;
- Firstly, Sowell often discusses only his side of the argument in an effort to prove his point. This kind of protectionism isn't needed; his arguments are stronger than those he is criticising. He should be more willing to present both sides with equal prominence and let the reader realise where the balance lies. But you can't really blame him for doing this given the highly politicised academic environment he works in.

Secondly, the prose style is a little abstruse. Sowell doesn't indicate the start - or end - of his sub-clauses very clearly, so you occasionally have to re-read sentences a few times to fully understand them.

But this is nit-picking. Overall this book is a welcome, refreshing antidote to the groupthink infecting our education system. Conservatives will welcome the solid intellectual nourishment. Liberals will benefit from some variation in their diet.

17 people found this helpful

Den

Bad logic

Reviewed in the United Kingdom on June 30, 2020

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So well gives us insight in to some of the main logically fallacious traps we fall in to when discussing economics and politics. It's a book that should be read not as absolute truth, but a guide for the reader to look and see where th a fallacious arguments lay so they can be debunked.

3 people found this helpful

PaulBucks74

Amazing book from an amazing intellect

Reviewed in the United Kingdom on August 27, 2018

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Covers a number of topics and explains what the facts are and what people especially many in the media/politics believe or say, explains where a fallacy comes from and why. Thomas Sowell is willing to accept that just because there is a correlation doesn't mean to say what is the definitive causal reason, but will give you his reasons for believing it could be. This is the third book of his that I've read and all have been exceedingly well written and give you links if you wish to check things. I highly recommend it to anyone interested in opening their minds to a different view, if you have a set view of economics/politics open your mind and challenge what he says don't just discount it.

7 people found this helpful

Barry E. Sheridan

Deeply researched rebuttal of modern misconceptions

Reviewed in the United Kingdom on September 1, 2016

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In this gem of a book Thomas Sowell destroys the basis on which much of modern political ideology depends. He does so by firstly questioning the rationale routinely advanced to support this mainstream position before testing his approach through a carefully balanced examination of the data.

This should be compulsory reading for all modern students, although of course the professors and teachers will need to read it first because far too many of them are committed advocates of this artful and damaging drivel. Thank you Mr Sowell.

8 people found this helpful

Sally

Excellent read

Reviewed in the United Kingdom on March 5, 2020

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that voice, that knowledge and that authority. Highly recommended. I brought the audio version so I can dip in and out of it whenever I choose

2 people found this helpful

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