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Product Description: 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.
Customer Reviews
Average Rating:
Rating: - Fallacies unveiled but facts remain elusive
As a first read of Thomas Sowell's work, I was impressed by the depth of information and the clarity of his writing. The organization of topics was clear and straightforward. However, if it were meant as a popular economic book, it comes across as dry due to its overtly academic style.
The main thesis of this book puts into question strongly held beliefs in urbanization, sex differences, third world versus first world differences and the like by encouraging readers to be questioning of statistics reported in the popular presses and media. Essentially, it is an exercise of spotting Simpson's paradox - where opposite associations are concluded depending on how one sliced, diced and spliced up the data.
While the reader (may) gain new insight into controversial topics drawn from group comparisons, Sowell does not provide any clear solution on how to navigate the high seas of information sifting through fallacies from something real, believable or true. His only recourse is a Fireabrand-like questioning of whatever is being presented.
While the ideas Sowell presents are not new, Economic Facts and Fallacies is certainly a courageous book in an attempt to tackle the misinformation bull by its horns, and puts to question certain held policies which may do more societal harm than good.
Rating: - Well thought out and solid arguments
Certainly no doubt about the author's viewpoint and solid facts. Would love to read a book about where the exceptions of supply and demand do not apply.
Rating: - The false use of statistics
This book is not exactly an easy read but it is absolutely worth reading. In fact anyone who votes should be required to read it before they do so.
Rating: - Classic Sowell. Excellent insight, excellent book.
Sowell offers invaluable insight into what we know or, more importantly, what we think we know about economics. Things aren't always as they seem and certainly aren't always as we are led to believe.
Anyone who has ever read Sowell (books or columns) knows that he is a talented writer and cuts quickly to the point while methodically supporting it with overwhelming evidence. The larger purpose of this book is to help readers become more critical thinkers rather than mindless consumers of information and ultimately to have the courage to turn inward when seeking solutions.
I particularly enjoyed the Income & Third World chapters. Either alone makes the book well worth your time.
Rating: - This guy is dead on.
Sowell does not worry about being politically correct. This guy cuts to the chase like no one else.
Have your expectations set correctly - this is a business book about economics, it's not a simple read.
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