Economics Without Illusions: Debunking the Myths of Modern Capitalism"Economics is haunted by more fallacies than any other study known to man." -- Henry Hazlitt, Economics in One Lesson (1946) Every day economic claims are used by the media or in conversation to support social and political positions. Those on the left tend to distrust economists, seeing them as friends of the right. There is something to this, since professional economists are almost all keen supporters of the free market. Yet while factions on the right naturally embrace economists, they also tend to overestimate the effect of their support on free-market policies. The result is widespread confusion. In fact, virtually all commonly held beliefs about economics--whether espoused by political activists, politicians, journalists or taxpayers--are just plain wrong. Professor Joseph Heath wants to raise our economic literacy and empower us with new ideas. In Economics Without Illusions, he draws on everyday examples to skewer the six favourite economic fallacies of the right, followed by impaling the six favourite fallacies of the left. Heath leaves no sacred cows untipped as he breaks down complex arguments and shows how the world really works. The popularity of such books as Freakonomics and Predictably Irrational demonstrates that people want a better understanding of the financial forces that affect them. Highly readable, cogently argued and certain to raise ire along all points of the socio-political spectrum, Economics Without Illusions offers readers the economic literacy they need to genuinely understand and critique the pros and cons of capitalism. |
Contents
| 1 | |
RIGHTWING FALLACIES | 19 |
LEFTWING FALLACIES | 147 |
THE PSYCHOPATHIC PURSUIT OF PROFIT | 176 |
CAPITALISM IS DOOMED | 200 |
IO EQUAL PAY | 228 |
SHARING THE WEALTH | 254 |
Other editions - View all
Economics Without Illusions: Debunking the Myths of Modern Capitalism Joseph Heath No preview available - 2010 |
Common terms and phrases
able actually Andrew Potter argument Atkins diet babysitting bakery bank basic behavior benefits better Cambridge Canada capitalism capitalist coffee collective action problem comparative advantage competitive consumer consumption cooperatives corporations cost countries course deadweight losses demand discount distribution distributive justice earn economic economists effects efficiency electricity employment equality example fact fallacy firm Furthermore going growth hyperbolic discounting important imposed incentive income increase individuals interest Invisible Hand Joseph Heath labor less libertarianism look managers market economy means minimum wage moral hazard nomic outcome paid particular Paul Krugman payday loans payment person poor production profit programs purchase reason redistribution result risk-pooling arrangement savings sector sell shareholders simply social society someone sort spend tend things tion tive trade transactions typically University Press vouchers wages welfare worker cooperatives workers