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The economistic fallacy is a concept originated by Karl Polanyi in the 1950s, that refers to fallacious conflation of human economy in general, with its market form. [1] Whereas the former is a necessary component of any society, being the organization through which that society meets its physical wants, i.e. reproduces itself, the latter is a ...
Economic Facts and Fallacies. Basic Books. ISBN 978-0-465-00349-5. OCLC 1033591370. ASIN 0465003494. 2009. The Housing Boom and Bust. Basic Books. ISBN 978-0-465-01880-2. Chapter 5, "The Past and the Future Archived November 25, 2021, at the Wayback Machine." 2010. Basic Economics: A Common Sense Guide to the Economy (4th ed.). Cambridge, MA ...
While many people worry that new immigrants to their country will reduce employment (the same way US men in the 1960's worried that women's entry into the workforce would lead to massive unemployment) the data show that this did not happen because new workers earn money which they spend with the result being that the total economy grows and more people are employed.
Chapter 15, "How the Price System Works", argues that economic proposals must be analyzed for their long-term and widespread effects, not just their immediate and limited consequences. [3] What Hazlitt considers the fallacy of isolation, or looking at an industry or process in isolation, is the starting point of many economic fallacies.
Knowledge and Decisions is a non-fiction book by American economist Thomas Sowell. [1] The book was initially published in 1980 by Basic Books and reissued in 1996. [2] Sowell analyzes social and economic knowledge and how it is transmitted through society, and how that transmission affects decision making.
Trump’s attack conveniently ignores the economic facts: as Nobel Prize Laureate Paul Romer wrote this week, inflation as measured by CPI is about 2.8% and still falling, which Federal Reserve ...
For months, politicians have railed about the fiscal cliff while pundits across the political spectrum have held forth on the apocalyptic economic repercussions of our reaching Jan. 1, 2013 ...
A historian listed over 100 fallacies in a dozen categories including those of generalization and those of causation. [3] A few of the fallacies are explicitly or potentially statistical including sampling, statistical nonsense, statistical probability, false extrapolation, false interpolation and insidious generalization.