Economics: Facts and Fallacies, Second Edition: A Comprehensive Guide to Understanding the Principles of Economics

Joseph Myren: AWESOME

Canada on Oct 02, 2023

Matthew Jackson: This book will change your thinking and provide you evidence on all the false information and fallacies presented around Third World Forigen Aid, Race, Income Dispairty, and Housing Cost.

This book is must read for anyone that needs to hear the real facts about the world 🌎.

United States on Sep 10, 2023

Alex: :) Great book and it came fast :)

Canada on Aug 22, 2023

Bill H: If one wants to be literate of the world of business this is an excellent start. Thomas Sowell is a wonderful writer and teacher.

United States on Aug 21, 2023

Biniam johannes: Thomas Sowell wisdom, together with data and statistics make this book a masterpiece. The way things are described with simplicity make this book unbelievably great to read. Can't stop read it.

United Kingdom on Jul 22, 2023

Aaron: Great Book by Thomas So well, easy to understand and explains itself pretty well

United States on May 04, 2023

Faezeh: Very Interesting

Germany on Dec 26, 2022

Walter A: I was aware of some of the fallacies Sowell discusses in his book, but he has provided insight into just how dangerous these fallacies can be when they are used to direct public policy. He has clearly explained why some commonly held beliefs are wrong, and supported his conclusions with historical and factual references. Indeed, the book is 240 pages of text with an additional 30 pages of notes and citations of his source documents. In one particular case, he exposed one of my own misconceptions and convinced me I was mistaken. His work provided me with a better understanding of both the truth and the misguided or sometimes malevolent reasons that these fallacies are perpetrated and promoted.

In the many examples he discusses through the book, one of the interesting things I observed is how perpetrators or promoters of these fallacies have used similar means to support their flawed positions. One common method is to selectively ignore or hide any data or facts that don't support their position. Another is to base their positions on what sounds right, despite the vast historical evidence that proves the position is wrong.

We currently are living through very dangerous...

United States on Sep 16, 2021

Norman12: This book consistently surprises and delights the reader with hard facts neglected by popular commentators, talking heads in the media, and those whose political self-interest lies in painting a picture of growing economic inequality. It's a real pleasure to be shown the other side of the argument in so many cases, and to witness how selective presentation of evidence has distorted the debate on identity politics for so long.

For example,
- there is a popular myth that household income has fallen in the last 50 years in some communities. But Sowell shows us that this is because household sizes have shrunk, not because wages have fallen.
- The gap in income between the bottom 20% and the top 20% has risen. But this is partially because government benefits are not factored into "income". Neither are assets or the benefits accruing from them; a 70 year old homeowner may have a lower income than a 20 year old apartment renter, but it is fallacious to say the former is "worse off" than the latter.
- Very few of the same people in the top 20% 30 years ago are still in the top 20% - most have fallen out of it. And many who were in the bottom 20% 30 years ago have risen...

United Kingdom on Oct 30, 2019

O. Halabieh: Below are key excerpts from this book that I found particularly insightful:

1- "Fallacies abound in economic policies affecting everything from housing to international trade. Where the unintended consequences of these policies take years to unfold, the effects may not be traced back to their causes by many people. Even when the bad consequences follow closely after a given policy, many people may not connect the dots, and advocates of policies that backfire often attribute these bad consequences to something else. Sometimes they claim that the bad situation would have been even worse if it had not been for the wonderful policies they advocated. There are many reasons why fallacies have staving power, even in the face of hard evidence against them. Elected officials, for example, cannot readily admit that some policy or program that they advocated, perhaps with great fanfare, has turned out badly, without risking their whole careers. Similarly for leaders of various causes and movements. Even intellectuals or academics with tenure stand to lose prestige and suffer embarrassment when their notions turn out to be counterproductive. Others who think of themselves as supporters...

United States on Jan 04, 2014