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Thirteen Persistent Economic Fallacies
E. J. Mishan
ISBN: 0-313-36605-5
ISBN-13: 978-0-313-36605-5
102 pages
Praeger Publishers
Publication: 4/30/2009
List Price: $34.95 (UK Sterling Price: £24.95)
Availability: In Stock
Media Type: Hardcover
Trim Size: 6 1/8 x 9 1/4
Subjects:
Description: E. J. Mishan, an iconoclastic economist who has taught at such schools as the London School of Economics and the New School for Social Research, is in this volume a provocateur, smashing staunchly held beliefs of the right (free trade and common markets are good for the economy), and the left (local jobs are always lost when factories close down, pay disparity between men and women signifies discrimination). He also pokes holes in the accepted wisdom held by all, arguing for example that economic growth does not necessarily improve lives. Those who believe the fallacies Mishan exposes to the light of reason in this book are, however, neither ignorant nor careless. The fallacies are all plausible, and intelligent people can be forgiven for believing them. Mishan simply wants readers to see these thirteen popular, persistent fallacies for what they are: Humbug.

Mishan's scintillating text is apolitical. In arguing that immigration does not benefit a country's economy, for example, he is not arguing in favor of restricting immigration. Rather, his goal is to test the assumptions behind the dearly held positions of both the left and the right or to expose what he calls the breathtaking fatuity that counts as wisdom these days. Mishan wants to interject common sense and logic into today's debates over the economy and, especially, the political arguments that translate into legislation that has a negative impact on people.

Mishan's ideas breathe new life into debates gone stale by ideology. As he notes, the fallacies in this volume travel in the highest circles, from debates in Congress to the pages of the Wall Street Journal, Time, and The Economist. Most are things everybody knows. He hopes, therefore, to expose the concerned citizen to the shock-treatment of discovering that much of what passes for conventional economic wisdom is in fact fallacious. As the Economist pointed out in its glowing review of the first edition of this book, Dr. Mishan has written the perfect book for anyone wishing to start the study of economics.
Table of Contents:
  • Contents
    Preface
    Introduction
    FALLACY 1
    U.S. Goods Cannot Compete Effectively with Those Produced by
    Cheap Labor in Countries Such as China
    FALLACY 2
    Immigrant Labor Confers Economic Benefits on the Host Country
    FALLACY 3
    Globalization Acts to Raise Living Standards in the West
    FALLACY 4
    Countries Forming a Common Market Reap Economic Benefits
    FALLACY 5
    Rent Controls are Necessary during a Housing Shortage
    FALLACY 6
    The Fact That Womens Earnings are Significantly Below
    Those of Men Is Evidence of Discrimination
    FALLACY 7
    A Reduction in Building Costs Will Reduce House Prices
    FALLACY 8
    Jobs Are Lost When a Factory or Business Closes Down, and Vice
    Versa
    FALLACY 9
    A Competitive Private Enterprise Economy Tends to Produce
    Economic Efficiency
    FALLACY 10
    A Subsidy to University Education is Justified Since it
    Promotes Equality of Opportunity and Confers Benefits on
    Society as a Whole
    FALLACY 11
    The National Debt Is a Burden on Future Generations
    FALLACY 12
    Inflation Is Caused by an Excessive Increase in the Supply of
    Money
    FALLACY 13
    The Rate of Economic Growth Over Time Is a Good Index of the
    Growth of Peoples Satisfaction
About the Author: E. J. Mishan, PhD, was Professor of Economics at the London School of Economics for over twenty-one years. He has also lectured at various universities throughout North America. He is the author of Cost Benefit Analysis, a text used in many universities, The Costs of Economic Growth, Revised (Praeger, 1993), and several other books. He also published articles in leading economics journals, including American Economic Review, Journal of Political Economy, and The Quarterly Journal of Economics, and newspapers like The New York Times and The Financial Times.
LCC Class: 330-dc22
PDF Catalogs:
Academic Library Spring 2009.pdf
Praeger Public Library Spring 2009.pdf
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