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Common Flaws & Fallacies Found in Economic Thought


For a number of years, just out of curiosity, I kept a list of the errors that I encountered in comments people made about matters relating to economics. From a few of the items on that list I drafted the following document, which I have now posted here on the The Free Market Center.

I plan to edit these comments, and possibly dedicate separate pages to them, but in the meantime, I have posted them here for your information.




The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Henry Hazlitt
Economics in One Lesson


Deductive Reasoning