Economic Facts and Fallacies

Second Edition

by: Thomas Sowell

in: Sociology

Summary:

The book critically examines common misconceptions about economics, addressing issues like gender pay gaps, racial economic disparities, and urban economics with empirical evidence. It challenges widely held beliefs by dissecting the actual causes and effects behind economic phenomena, aiming to clarify the complexities of economic policies and their impacts on society.

Key points:

1. Fallacy of Composition: Sowell explains that what works for one part may not work for the whole, like increased production leading to market saturation.

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