Common Mistakes in Economics by the Public, Students, Economists, and Nobel Laureates

by Ng, Yew-Kwang

• ISBN13: 9781617616068
• ISBN10: 1617616060
• Format: Hardcover
• Copyright: 2011-01-01
• Publisher: Nova Science Pub Inc

Summary

This book presents and discusses the most common mistakes in economics made by a vast majority of people in every aspect of society. Discussed herein are common misconceptions on economic issues, including such perennial issues like 'technical progress destroys jobs', 'immigration harms the domestic economy', 'population growth is undesirable', 'globalisation is bad'. Such misconceptions by a significant section of the general public do not just reflect inadequate understanding of how the economy functions, but may actually lead to unnecessary conflicts and impede progress and liberalisation. Understanding our mistakes on these issues may thus contribute to the advancement of our society and the progress towards a more harmonious world.

Table of Contents

Introduction

General Fallacies

Slips by Nobel Laureates in Economics

Common Mistakes by Students

Common Mistakes by Economists (less Technical)

Common Mistakes by Economists (more Technical)

Public spending is excessive and/or very costly

Money is neutral

The fallacy of pure egalitarianism

A dollar is not a dollar: Inefficient policies to pursue equality

Optimal population maximizes output/utility per capita.

With no external effects, the optimizing behavior of individuals always brings about the optimal size of population

Index

Table of Contents provided by Publisher. All Rights Reserved.