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Deductive Reasoning

Introduction

The power of deductive logic comes from the fact that, if you apply valid logic to true premises, you will arrive at a true conclusion. We will discuss the power and importance of deductive reasoning further in pages that we add in the future.

Deductive Logic

Excerpted from Wikipedia

Deductive reasoning, also called deductive logic, is reasoning which constructs or evaluates deductive arguments. Deductive reasoning contrasts with inductive reasoning in that a specific conclusion is arrived at from a general principle. Deductive arguments are attempts to show that a conclusion necessarily follows from a set of premises or hypotheses. A deductive argument is valid if the conclusion does follow necessarily from the premises, i.e., the conclusion must be true provided that the premises are true. A deductive argument is sound if it is valid and its premises are true. Deductive arguments are valid or invalid, sound or unsound. Deductive reasoning is a method of gaining knowledge.

For the full entry at Wikipedia see here.

Logically Sound Argument

Logically sound arguments have very specific criteria, yet people discussing markets frequently ignore those criteria. Here’s a brief description of the makeup of a logically sound argument.

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Logical Errors

We are developing a list of logical errors that occur frequently in discussions about economics and free markets.

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Common Flaws & Fallacies Found in Economic Thought

A huge part of the problem that people face in trying to understand economics consists of the fact that they have many flawed and fallacious ideas about the principles and theories that relate to economics. Based on a list of these flaws and fallacies that I have accumulated over the years I have drafted this document.

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Economic Flaws & Fallacies, Money & Banking

This link takes you to a section in Money & Banking in which I have covered flaws and fallacies in economic reasoning related to money and banking:

Economic Flaws & Fallacies, Money & Banking

Ludwig von Mises

Lugwig von Mises
The father of modern Austrian School of Economics.

 

Economic Reasoning