Economic Facts and Fallacies
by Thomas Sowell
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Book Reviews of Economic Facts and Fallacies
Book Review: If only Sowell's knowledge and wisdom were more widely known
Summary: 5 Stars
There is no end to the exposure of crackpot left-wing theorists in the media. Happening upon an appearance of a conservative economist like Thomas Sowell in the media, however, is extraordinary, which is the nation's loss.
Sowell is a prolific writer, but I doubt he reaches a fraction of the audience of a crank like Paul Krugman.
In this slim volume, Sowell exposes, refutes and debunks six of the major economic fallacies of our time:
1. Urban Facts and Fallacies
2. Male-Female Facts and Fallacies
3. Academic Facts and Fallacies
4. Income Facts and Fallacies
5. Racial Facts and Fallacies
6. Third World Facts and Fallacies
As you've probably noticed, these are six of the major flashpoint issues of our times - and Sowell knocks down the myths and lies the left-wing has worked so hard to spread.
For example, Sowell shows how elitists have made the most desirable areas of California unaffordable for all but the very rich through restrictive policies. This results in various hypocrisies, such as driving out poor blacks from places like San Francisco and also contributes to the fallacy of a lack of "affordable housing". The latter is not the fault of evil conservatives, but of very selfish left-wingers.
Sowell applies his truly formidable knowledge and scalpel-like logic to each of these six fallacies, slicing away the untruths and revealing that the United States is not a nation of massive inequalities, but is in fact still the land of opportunity.
As Sowell puts it so well, "[s]ome things are believed because they are demonstrably true. But many things are believed because they are consistent with a widely held vision of the world - and this vision is accepted as a substitute for facts." For those willing to learn, Sowell demolishes six major myths here. Would that there were more like Sowell - and those willing to learn from him.
Jerry
Book Review: A Call for Us to Go Where the Evidence Leads
Summary: 4 Stars
_Economic Facts and Fallacies_ (2008, Basic Books) is my first foray into the writings of economist, Thomas Sowell. And I have to say, I'm quite pleased with what I've found.
Sowell states at the outset that many things "are believed because they are consistent with a widely held vision of the world - and this vision is accepted as a substitute for the facts." (p. vii) The rest of his book is really an illustration of this truism along multiple lines.
Sowell challenges conventional/current wisdom on housing and urban sprawl policy, showing that the data tell another story. He also examines income disparities across gender, race, and nations, concluding in most cases that the differences are explained by factors other than discrimination or exploitation contra popular opinion.
_Economic Facts and Fallacies_ is really a call for us to go where the evidence leads and to resist conforming the data to our own preconceived ideas of what reality is. For example, that there is an economic difference between two groups of people does not mean ipso facto that there is a "disparity" or "inequality," the cause of which can be traced back to some pernicious discrimination or exploitation.
Though Sowell's book is about economics, statistics, and data, it is non-technical for the most part. The interested reader will have little trouble making it through the book. While Sowell makes clear his dislike for central planners in several places throughout the book and presents a conservative approach to economic and social policy, the book has value for readers of all political stripes. In my view, the illustrations in the book transcend partisan politics and remind us all that we need to be more honest when interpreting the data.
Book Review: Classic Sowell - Great
Summary: 5 Stars
Thomas Sowell sees people's world views as coming from some conceptual constructs which are often based on faulty premises and faulty thinking. He not only smashes lots of common notions, but tries to expose the ideas which lead people to accept those false ideas.
He does this in a fair and to a large part objective manner. So, for example, if he is looking at how discrimination factors into earnings differences between men and women, or blacks and whites he will examine many factors which contribute to those differences. Reasoning that if we can identify 3 or 4 other causes of earnings differences, and those factors account for some of the difference, then discrimination and other unidentified factors could only account for what is left.
He also exposes factors which make some the the statistics we normally see misleading. So, for example, if the average age of one group of people is 30 and another is 35 and a third is 43, then we would expect that their incomes would also be different, with the older groups making more money. This is what we see with Blacks (30), all Americans (35) and Japanese Americans (43). So at least some of the income differences are explained by age.
The book examines:
- Urban Facts and Fallacies where interesting facts about city planning come to light
- Male-Female Facts and Fallacies
- Academic
- Income
- Race
- Third World poverty
The book is jam packed with information, and insights. You are bound to have ideas you held to be true shown clearly to have overlooked important variables.
After reading this book, you will have a better understanding of the reality of these topics and the statistics used to support various views.
Book Review: Eye-opening to the point of being a complete revelation
Summary: 5 Stars
Thomas Sowell is a leading American economist and social philosopher, who has taught economics at such leading institutions as Cornell and UCLA. In this fascinating book, Dr. Sowell examines a number of subjects where discussion of the subject was dominated by fallacious thinking, including urban laws, male-female economic differences and so much more. He takes a look at the subjects, and examines the underlying economic facts and the fallacies that are represented by simply-minded, knee-jerk solutions to the problems that often do no more than exacerbate the problems, rather than fix them.
Overall, I must say that I found this to be an absolutely fascinating book. Dr. Sowell brings a clear-minded examination into the underlying statistics of the problems he discusses, showing how the fallacious solutions that are often tried are spurred by incorrect, often purposely so, understandings of the problems involved. Indeed, as he shows how certain facts are left out of the examination of the problems, you begin to realize just how unscrupulous certain parties have been in pushing through solutions that they know will not truly address the problems.
This is a very fascinating book, one that is eye-opening to the point of being a complete revelation. I am very glad that I read this book, and I highly recommend it to everyone. It will challenge you to look again at many received "truths" and compare them with the reality of the situation.
Book Review: Very Good Book BUT Lacks Practicality
Summary: 5 Stars
This is a nice book and a refreshing read considering the fact that most economists are clueless. The one drawback to the book is, in the tradition of all econmists, this book lacks practical application how to use the information for investments. This is most likely due to the fact that economists have very little real world experience and they certainly have no experience managing assets.
I would recommend "America's Financial Apocalypse: How to Profit from the Next Great Depression (Condensed Edition)" as an excellent companion to those interested in doing well with their investments over the next several years. The book has an excellent chapter detailing how Washington economists distort and hide critical economic data such as GDP and inflation. In addition, it is the only book to detail ALL of America's problems (health care, Social Security, Real Estate Bubble, Free Trade, Immigration, Peak Oil, Corporate Fraud, Foreign Ownership, Education, etc.)
Finally, the author makes bold predictions about the future of America and the capital markets and shows how to profit. Thus far, he has been 100% correct in his predictions. America's Financial Apocalypse: How to Profit from the Next Great Depression (Condensed Edition)