Review: Economic Facts and Fallacies by Thomas Sowell

Gary Galles reviews Thomas Sowell’s recent book Economic Facts and Fallacies (2007) at The Freeman. As I’ve said before, anything Sowell writes is golden. This book looks to be a must-read, alongside Henry Hazlitt’s Economics In One Lesson. Here are some quotes from Galles’ review:

Economic Facts and Fallacies exposes an array of widely held beliefs to careful logical scrutiny and evidence—evidence that is usually ignored by those who favor interventionist government policies. Time and again, readers are shown that support for expanding government control arises from mistaken reasoning and interpretation of data…

The bulk of the book consists of six chapters dealing with subjects where economic misunderstanding abounds: the urban economy, male-female comparisons, academia, income, race, and the Third World. In each of those sections Sowell rebuts a group of beliefs that are widely accepted despite their fallaciousness and incompatibility with the evidence…

Economic Facts and Fallacies highlights many instances where questionable if not downright foolish policy choices were made. So why don’t we change them? Sowell writes, “Many beliefs which collapse under scrutiny may nevertheless persist indefinitely when they are not scrutinized, and especially when skilled advocates are able to perpetuate those beliefs by forestalling scrutiny through appeals to emotions or interests.” This book makes it harder for such advocates to keep pulling the wool over our eyes.

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4 Comments

Filed under books, economics, reviews, the freeman, thomas sowell

4 responses to “Review: Economic Facts and Fallacies by Thomas Sowell

  1. thebrooks

    I read Sowell’s Basic Economics and was greatly blessed by it. This looks good too. Thanks for the heads up.

    • I’m not too sure if he gets into it or not. The one rebuttal of Keynesian economics that I’ve read is that by Ian Hodge, but it’s so full of vitriol that I found it a difficult read. Especially the introduction by Gary North. They mostly take to task Douglas Vickers, who taught economics at UPenn and was a Van Tilian.
      You can download the whole thing here: http://www.entrewave.com/freebooks/sidefrm2.htm

  2. It sort’ve reminds me of Hazlitt’s Economics In One Lesson, which is a great intro.
    Good lookin’ out.

  3. I’m looking for a good rebuttal to Paul Krugman’s keynesianism. Do you know of any? Does Sowell touch on it here?

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