Thursday , June 17 2021
Home / Tag Archives: Myths and Fallacies

Tag Archives: Myths and Fallacies

Quotation of the Day…

… is from page 302 of Kristian Niemietz’s great 2019 book, Socialism: The Failed Idea That Never Dies: If we judge market economies primarily by their shortcomings, while judging socialism primarily as an idea, and by the intentions of its proponents, then the market economy can never win. Comments

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Quotation of the Day…

… is from page 156 of Thomas Sowell’s important 1990 volume, Preferential Policies: An International Perspective: Part of the moral aura surrounding preferential policies is due to the belief that such policies benefit the less fortunate. The losers in this presumed redistribution are seldom specified, though the underlying assumption seems to be that they are the more fortunate. Empirical evidence for such assumptions is largely lacking and the a priori case for believing them is...

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Bonus Quotation of the Day…

… is from page 3 of Herbert Spencer’s 1891 “Introduction: From Freedom to Bondage,” to A Plea for Liberty (Thomas Mackay, editor, 1891); the page number is to Liberty Fund’s 1981 edition of this collection: [T]he more things improve the louder become the exclamations about their badness. Comments

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Another Profit Opportunity Mysteriously Going Unseized!

This Vox report (or some variation on it) was sent to me by three different people, each of whom had the good sense to understand that something about it is fishy. Ms. T__: Thanks for sending this Vox report on Aaron Klein’s ‘theory’ that credit-card rewards points are a scheme through which poor people are unwittingly lured to subsidize the consumption of rich people. Here’s the key paragraph of the report: Every time a credit card is swiped, the bank charges a fee. It seems trivial,...

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Quotation of the Day…

… is from page 32 of Thomas Sowell’s excellent 1984 book, Civil Rights: Rhetoric or Reality? (original emphasis): It would perhaps be easier to find an inverse correlation between political activity and economic success than a direct correlation. Groups that have the skills for other things seldom concentrate on politics. Moreover, politics has special disadvantages for ethnic minority groups, however much it may benefit individual ethnic leaders. Public displays of ethnic solidarity...

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Some Non-Covid Links

Douglas Holtz-Eakin writes wisely about the fallacies surrounding so-called “supply chains.” Here’s his opening: A supply chain is a series of commercial transactions that permits the final assembly and delivery of a good or service. A supply chain is what it needs to be – short, long, simple, complex, quick, or time-consuming. Firms pick the combination of the characteristics to deliver the best value proposition they can. So, while I can understand what a tax policy is, what a trade...

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Some Non-Covid Links

GMU Econ alum Dan Mitchell reminds us that “by historical standards, today’s Americans are fantastically wealthy.” My intrepid Mercatus Center colleague Veronique de Rugy talks with Emily Jashinsky about some of Biden’s irresponsible policies. Also from Vero is this EconLog blog post on Covid and Keynesian stimulus. Here’s her conclusion: I am not expecting newspapers to stop calling government spending “stimulus”, but it would be nice if textbooks would adjust their Keynesian theory...

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Don’t be a Sap by Falling for This Tax-Cartel Scheme

Here’s a letter to the Washington Post: Editor: David Lynch reports that Pres. Biden’s proposed global cartel of tax collectors – euphemistically described as a “global minimum tax on corporate profits” – “is designed to halt a cycle of corporate tax-cutting that has sapped government revenue around the globe” (“Biden set for G-7 boost in bid for all nations to impose minimum global corporate tax,” June 1). The only evidence offered for any such ‘sapping’ in the U.S. is this sentence:...

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Scarcity Is Not Prosperity

In my latest column for AIER I satirize the mistaken notion that scarcity is prosperity. A slice: Why is my income so high? Answer: economic ignorance! Nearly every cent that I earn is generated by my satisfying other people’s demands for reduced economic ignorance. Sometimes, as in the case of (many of) the students who I teach at George Mason University, the demand for the economic enlightenment that I supply comes directly from those who pay for it. Other times, as when organizations...

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Bonus Quotation of the Day…

… is from page 113 of Thomas Sowell’s superb 1984 book, Civil Rights: Rhetoric or Reality?: From an economic point of view, to say that any group is systematically underpaid or systematically denied as much credit as they deserve is the same as saying that an opportunity for unusually high profit exists for anyone who will hire them or lend to them. DBx: This point, at once so obvious, is obviously overlooked in too many cases. How many are the professors, pundits, preachers, and...

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