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 enlarge | Author: Thomas Sowell
Publisher: Basic Books
Category: Book
List Price: $26.00
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Rating:  59 reviews
Sales Rank: 598
Media: Hardcover
Number Of Items: 1
Pages: 272
Shipping Weight (lbs): 0.9
Dimensions (in): 9.2 x 6.2 x 0.9
ISBN: 0465003494
Dewey Decimal Number: 330
EAN: 9780465003495
ASIN: 0465003494
Publication Date: December 31, 2007
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| Customer Reviews:
 Too Predictable February 23, 2008
4 out of 8 found this review helpful
It is easy to predict the contents of "Economic Facts and Fallacies" knowing that Sowell is a respected conservative writer. Thus, however, that does not prevent him from providing and useful information.
Early in the book Sowell takes on what he calls the "zero-sum" fallacy in economics. His point is that free-market transactions involve two "willing parties - ergo, both feel better off. True, but that does not eliminate the possibility that one of the parties has unfair advantage, perhaps due to withholding information, outright fraud, or simply much greater economic strength. Regardless, Sowell makes a viable case against rent-control and minimum wage laws.
On the other hand, what about OSHA safety regulations? Assuming a relatively inelastic labor supply vs. personal risk, employers would otherwise be free to let economic forces compel employees to accept risky jobs - for what point? As for improved job safety reducing employment, that must be balanced against also reducing the externality of disabled workers dependent upon greater society. More recently, it is also difficult to see how society has been served by the recent sub-prime mortgage mess.
Sowell, of course, supports free trade - claiming benefits to millions impoverished within third-world countries - ignoring evidence that the U.S., England, Japan and South Korea all used protectionism to establish their initial strengths, and the U.S. considers to do so today, using patents instead of tariffs (especially in pharmaceuticals). And then there's the problems of millions of down-scaled American workers caused by "free trade" - unaddressed by Sowell.
Sowell, however, is totally on target when alleging that government restrictions are a major cause of high housing costs - eg. much of the L.A. area restricts development. (This also considerably raises the potential for disastrous fires.) On the other hand, these restrictions were imposed through democratic vote. In any case, Sowell is off base contending that because Houston's commute times went down while adding 100+ freeway miles/year, and up when building slowed supports a case that "cities can pave their way out of traffic congestion."
Sowell also points out that homeowners living in areas with restrictions (eg. large minimum lot sizes) deprive others with less funds of the "right" to live in the area - forgetting that the original homeowners have a right to exclude the negative financial impact such housing would bring to their investments. (In fact, they most likely paid a premium to obtain such restrictions, contrary to Sowell.
His material on how accreditation agencies restrict competition between established colleges/universities and newer innovative approaches (eg. employing part-time practitioners, instead of full-time academics; increasing teaching loads while reducing "research") is another area on target and well worth considering.
Bottom Line: Worth reading and careful consideration, though not always the last word.
 Required Reading February 22, 2008
2 out of 2 found this review helpful
Thomas Sowell once again has the courage to critically examine generally accepted and politically correct social policies. His well researched and documented arguments unmasks these fallacious and ill conceived policies. "Economic Facts and Fallacies" is historically documented and an academic breath of fresh air.
This book should be required reading for all elected officials on the Municipal, County, State, and Federal level. Social Engineers could use a dose of economic reality as well.
Willful Error...Forever. February 14, 2008
118 out of 133 found this review helpful
Economic Fallacies is the third book by Thomas Sowell I've read this year and it continues to illustrate why he is one of the most important conservatives in America today. His writing beams with scholarship and clarity. There are no wasted words and the work is an arsenal of information. These chapters should be read and reread as they thoroughly refute the positions of those who irrationally regard America as being a racist, sexist and corrupt state.
Sowell debunks the myth of female oppression by highlighting the way that statistics are jiggled in the hopes of morphing the USA into a patriarchy. Indeed, in my opinion, our nation is closer to being a matriarchy than it is anything else. The old 74 cent to the dollar feminist canard is refuted after he teases out the example of unmarried, childless women. They oftentimes are anything but oppressed. Indeed, in many cases they make even more money than their male age-mate peers. Much of the difference between the sexes, in terms of wage, is a result of personal choice. Women work fewer hours and are more likely to choose stability over cash when deciding on a career. Women also select less dangerous jobs than do men as indicated by the statistic he cites showing that 92 percent of those who die in job-related accidents are male.
In terms of class, all of us who ever have tried to debate the left comprehend the error in their perceptions--as does Sowell who eliminates their positions with ease. Unfortunately, it's a serious challenge to ever get them to come around as they would feel contaminated should they ever try to examine world events through the eyes of a conservative. Rife among our opposition is the belief that only a finite amount of money exists in the world, and, if you have lots of it, that automatically means that thousands have none of it. While pseudo-liberals appear to have heard of "economic growth" they have yet to internalize its meaning. This is why they are so enamored with redistributing the rest of population's wealth. They dub this larceny "social justice" despite real social justice embodying the practice of letting people keep what they earn. Tragically, without a basic understanding of economics the left will continue to hike taxes until...the welfare state collapses along with the nation as a whole. Once they eradicate the rich there will be no one left to fund the dole.
With race, Sowell tears apart [yet again] the notion that blacks make less due to discrimination. He refers to an argument here I never heard elsewhere--but greatly appreciate--which is that when a particular group's mean age is lower, as is the case with blacks, they generally have lower incomes than do groups with higher mean ages. This makes perfect sense as a group of 20-year-olds never make as much as those nearing the end of that particular decade; although, his insight matters little as the mainstream media has no use for nuance. They crusade against injustice even though, most often, they are ones who perpetuate it.
Great read! February 3, 2008
7 out of 11 found this review helpful
This is Thomas Sowell at his best, making economics understandable for the non-expert. I would recommend this book as a great gift for those who may be interested in economics, but who would not normally chose the subject matter.
Very Good Book BUT Lacks Practicality February 3, 2008
0 out of 15 found this review helpful
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)
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