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


Yew-Kwang Ng – Monash University, Victoria, Australia

Series: Economic Issues, Problems and Perspectives
BISAC: BUS000000

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’, ‘globalization 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 liberalization. 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




Part I. Fallacies
Chapter 1. General Fallacies
Chapter 2. Slips by Nobel Laureates in Economics
Chapter 3. Common Mistakes by Students
Chapter 4. Common Mistakes by Economists (less Technical)
Chapter 5. Common Mistakes by Economists (more Technical)

Part II. Some Fallacies in More Details
Chapter 6. Public Spending is Excessive and/or Very Costly
Chapter 7. Money is Neutral
Chapter 8. The Fallacy of Pure Egalitarianism
Chapter 9. A Dollar is Not a Dollar: Inefficient Policies to Pursue Equality
Chapter 10. Optimal Population Maximizes Output/Utility Per Capita
Chapter 11. With No External Effects, the Optimizing Behavior of Individuals Always Brings about the Optimal Size of Population


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