Fifty Economic Fallacies Exposed

by Geoffrey E. Wood

These lucid and stimulating columns are invaluable to students struggling to master some of the complexities of economic theory and its applications, who often find the most effective way to learn economic analysis is to see such fallacies exposed. It is a text particularly suitable for first-year economics students, complementing existing textbooks as it does, and clarifying basic concepts in economics while demonstrating the practical uses of economic theory.

Genres: Economics

187 pages, Paperback

First published December 1, 2002

About the author

Wood, G. 1945-
Wood, G. E. (Geoffrey Edward), 1945-
Wood, Geoffrey, 1945-
Wood, Geoffrey E. (Geoffrey Edward), 1945-
Wood, Geoffrey Edward, 1945-

Reviews

[José · Rating 2 out of 5]

If you write a book called "fifty biological fallacies exposed", would you talk only about evolution? If not, how is having this volume by Geoffrey Wood talk only about market economy a good idea?

A good number of the fallacies concern very basic concepts and require little dispelling, others are scarecrowed or "exposed" by poor argumentation and analogies. In the end, all Wood wants is maximum market efficiency and that's what he argues for. Calling this an exposition of fallacies without stating this initial perspective is not only silly, it's dishonest, and having the big dominating narrative of neoliberalism go simply as reality so often is exhausting.

[Pedro Pinto · Rating 4 out of 5]

A small handbook that explains in a simple way 50 economic concepts that usually people get it wrong.

The book was written in a way that someone that is not an expert in the field can easily read it and understand its concepts and the main flaws commonly assumed.

The big problem about these fallacies is that they are widely used by policy makers and politicians, sometimes knowingly or in some case due to ignorance. to promote their conservative, progressive or libertarian ideas (you have it for all tastes).

Strongly advise all (specially the 2 groups previously highlighted) to read this book and that all keep it handy when you hear so called pundits talking about these key economic principles.

The only caveats that i could find while reading it were:
1) The book is strongly biased to the UK reality, that from a fallacies perspective is not a problem, but it explain them almost only with British examples;
2) The author has some unresolved issue with Gordon Brown when he was Chancellor of the Exchequer.