Economic Facts and Fallacies

Those interested in the pursuit of truth and the dangers of falsehoods masquerading as truth will enjoy this book. Those needing an education in economics as well as those already well-versed in economic reasoning will find this book entertaining and informative. Fans of Sowell's many other outstanding books--this reviewer is one of them--will enjoy this effort. I am sending copies of this to both of my daughters in college. We hear the mantra "critical thinking" frequently. In Economic Facts and Fallacies, Thomas Sowell shows readers how it should be done. If eligibility to vote ever depends on passing a test, I hope the questions are based on the reasoning in this book!

Thomas Sowell sees people's world views as coming from some conceptual constructs which are often based on faulty premises and faulty thinking. He not only smashes lots of common notions, but tries to expose the ideas which lead people to accept those false ideas. He does this in a fair and to a large part objective manner. So, for example, if he is looking at how discrimination factors into earnings differences between men and women, or blacks and whites he will examine many factors which contribute to those differences. Reasoning that if we can identify 3 or 4 other causes of earnings differences, and those factors account for some of the difference, then discrimination and other unidentified factors could only account for what is left. He also exposes factors which make some the the statistics we normally see misleading. So, for example, if the average age of one group of people is 30 and another is 35 and a third is 43, then we would expect that their incomes would also be different, with the older groups making more money. This is what we see with Blacks (30), all Americans (35) and Japanese Americans (43). So at least some of the income differences are explained by age. The book examines: - Urban Facts and Fallacies where interesting facts about city planning come to light - Male-Female Facts and Fallacies - Academic - Income - Race - Third World poverty The book is jam packed with information, and insights. You are bound to have ideas you held to be true shown clearly to have overlooked important variables. After reading this book, you will have a better understanding of the reality of these topics and the statistics used to support various views.

Economic Fallacies is the third book by Thomas Sowell I've read this year and it continues to illustrate why he is one of the most important conservatives in America today. His writing beams with scholarship and clarity. There are no wasted words and the work is an arsenal of information. These chapters should be read and reread as they thoroughly refute the positions of those who irrationally regard America as being a racist, sexist and corrupt state. Sowell debunks the myth of female oppression by highlighting the way that statistics are jiggled in the hopes of morphing the USA into a patriarchy. Indeed, in my opinion, our nation is closer to being a matriarchy than it is anything else. The old 74 cent to the dollar feminist canard is refuted after he teases out the example of unmarried, childless women. They oftentimes are anything but oppressed. Indeed, in many cases they make even more money than their male age-mate peers. Much of the difference between the sexes, in terms of wage, is a result of personal choice. Women work fewer hours and are more likely to choose stability over cash when deciding on a career. Women also select less dangerous jobs than do men as indicated by the statistic he cites showing that 92 percent of those who die in job-related accidents are male. In terms of class, all of us who ever have tried to debate the left comprehend the error in their perceptions--as does Sowell who eliminates their positions with ease. Unfortunately, it's a serious challenge to ever get them to come around as they would feel contaminated should they ever try to examine world events through the eyes of a conservative. Rife among our opposition is the belief that only a finite amount of money exists in the world, and, if you have lots of it, that automatically means that thousands have none of it. While pseudo-liberals appear to have heard of "economic growth" they have yet to internalize its meaning. This is why they are so enamored with redistributing the rest of population's wealth. They dub this larceny "social justice" despite real social justice embodying the practice of letting people keep what they earn. Tragically, without a basic understanding of economics the left will continue to hike taxes until...the welfare state collapses along with the nation as a whole. Once they eradicate the rich there will be no one left to fund the dole. With race, Sowell tears apart [yet again] the notion that blacks make less due to discrimination. He refers to an argument here I never heard elsewhere--but greatly appreciate--which is that when a particular group's mean age is lower, as is the case with blacks, they generally have lower incomes than do groups with higher mean ages. This makes perfect sense as a group of 20-year-olds never make as much as those nearing the end of that particular decade; although, his insight matters little as the mainstream media has no use for nuance. They crusade against injustice even though, most often, the

I got this book to check out Sowell's take on the "Vanishing Middle Class." In just a few paragraph's he is able to completely turn that notion on it's head... and show why the oft repeated claim is jibberish. I now know this book will be an excellent resource for fighting commonly held economic fallacies. Yesterday I read the chapter on Men vs. Women pay. The commonly held belief is that women don't make as much as a man because of discrimination. While keeping an open minded view that discrimination could come in to play, Sowell delivers an extremely convincing alternative argument for the discrepancy in pay. This book really is an eye opener.