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Economic Facts and Fallacies, 2nd edition, by Thomas Sowell
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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
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About the Author
Thomas Sowell is a Senior Fellow at the Hoover Institution, Stanford University. He is the author of dozens of books and the recipient of various awards, including the National Humanities Medal, presented by the President of the United States in 2003.
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Product details
Paperback: 304 pages
Publisher: Basic Books; 2nd edition (March 22, 2011)
Language: English
ISBN-10: 9780465022038
ISBN-13: 978-0465022038
ASIN: 0465022030
Product Dimensions:
5.5 x 0.8 x 8.2 inches
Shipping Weight: 11.4 ounces (View shipping rates and policies)
Average Customer Review:
4.7 out of 5 stars
292 customer reviews
Amazon Best Sellers Rank:
#13,033 in Books (See Top 100 in Books)
I have come to treat Thomas Sowell books as a valuable but finite resource. As the Doctor is now eighty-seven, I fear that there aren't many works forthcoming and, so, I've restricted myself to reading one of his insightful volumes per year. You have likely already determined that this review comes from a biased source as this is the fifth Thomas Sowell book that I've read and I consider him to be our greatest living popular Economist. For the layperson, I would always recommend Dr. Sowell to explain economics. His writing is straightforward but sometimes colorful, and he manages to be both insightful but also digestible compared to a Friedman or a Hayek.All of that said, my Sowell reading selection for 2017 ended up being "Economic Facts and Fallacies".Sowell starts the book off strongly, and anyone who had only a tepid interest in economics could gain valuable insight by committing to read only the first chapter. In chapter one, "The Power of Fallacies", Sowell starts by unpacking what he considers to be the broadest economic falsehoods which he will then spend the rest of the book dissecting. These are: the "zero sum" fallacy, the "fallacy of composition", the "post hoc fallacy", the "chess-pieces fallacy" and the "open-ended fallacy".The book limits its scope, with only six real chapters of content following. These will overlap somewhat with the subject matter of Sowell's grand work: "Basic Economics".I found the most insightful chapters of "Economic Facts and Fallacies" to be "Male-Female Facts and Fallacies", "Academic Facts and Fallacies", and "Third World Facts and Fallacies". One specific takeaway that will stay with me was the brief discussion on the college accreditation process (in the "Academic" chapter); something that I had never contemplated or understood as a distortion of the price mechanism in college costs. I feel that a lot of eyes are probably glazing over as they read that, but for those of us that crave an understanding of economics it was really quite insightful.I gave this book four stars not because there was anything wrong with it, but because I would probably recommend several of Sowell's other works ahead of it. I view it in no different a light than I do Quentin Tarantino films in my personal taste. I recommend them all, but it loses meaning if I were to give all of them five starts without working to parse further. Well, in the end, every Thomas Sowell book is either four or five stars, and that is the best that I can divide them.I'll finish my review with my favorite passage from the book, found in its closing pages and deeply insightful:"Perhaps most dangerous of all is the practice of not subjecting fashionable beliefs to the test of facts, but instead accepting or rejecting beliefs according to how well they fit some pre-existing vision of the world."
As an Executive Director of a community development corporation I can attest to the fact that regulatory policies often meant to help lower income Americans and communities, often does the exact opposite by chasing out and killing the private sector and concentrating poverty. Sowell is brilliant in his format, and simple delivery of the most basic economic laws that America has somehow abandoned. From transportation to housing he covers it all. Who knew ? I'm a closeted black conservative.!!! This is one for the library folks
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.
"Basic Economics" is widely heralded as Sowell's magnum opus in the world of introductory economics. However, I believe he intends this book to be a text book, and it reads more like a massively broad thesis. Well-written, but it does not succeed entirely in what I believe is its goal."Economic Facts and Fallacies" succeeds where "Basic Economics" does not. "Economic Facts and Fallacies" acts to debunk several clearly identifiable fallacies based upon a few lessons derived from a larger, broader lesson in economics; in this manner it succeeds beautifully in accomplishing its goals. Importantly, it does so in plain English, in a concise fashion, and with a well-understood audience in mind: those who do or might carry out the fallacies who are thus obviously lacking in a proper introduction to economics.For these reasons, this book, I believe, is the premier introduction to economics among Sowell's works. I would argue it centers loosely around the "broken window fallacy" which is better introduced with the border-line redundant "Economics in One Lesson" by Henry Hazlitt. My recommendation, if you are trying to get yourself acquainted with economics, or if you for some reason subscribe to Keynsian economics, read the first six chapters of "Economics in One Lesson" and then immediately immerse yourself in "Economic Facts and Fallacies". You won't regret it.
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.
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