Economic Facts And Fallacies, by Thomas Sowell

For a variety of reasons, economic matters are ones where a large amount of fallacies have come about.  Why is this so?  Well, for one, economics is a social science that deals with dismal but timeless truths, and we live in an age where dismal and timeless truths tend to be disregarded in exchange for pleasant-sounding but ultimately futile political rhetoric.  Economics is a realm where reality trumps rhetoric, similar to morality, and as a result it is a field that is easily neglected by those who are interested in promoting some sort of agenda and disregarding the empirical results of political and personal choices.  In stark contrast to the widespread neglect of economic realities that exists in contemporary political culture, Sowell does a great job at pointing out familiar but worthwhile case where truths need to be recognized regardless of how unpalatable they are to political talking points.  And Sowellf’s approach of being bluntly honest and focusing on sound analysis and fact is a good reason why his books are so well worth reading and appreciating even if he tends to cover the same ground often, because he covers that ground so skillfully.

This book is a bit more than 200 pages and it takes up eight chapters.  The book begins with a preface and then opens with a discussion of the power of fallacies and the way that people are blinded to reality through their political worldview (1), a problem that is very common.  After that the author talks about “urban facts” and how they relate to economic fallacies (2) before discussing some blunt truths about males and females, especially as it relates to income inequalities and their true causes (3).  After that the author talks about some academic truths and fallacies (4), indicating the general failure of the American education system in its search for political correctness, as well as income facts and fallacies that relate to the difference between looking at income segments and the people who are in those segments over time (5).  After that the author takes on some racial facts and fallacies (6), a subject which the author is clearly able to deal with confidently.  The author then discusses some facts and fallacies about the third world, including the failure of aid to lift societies because of their own cultural failures (7), after which the author closes with some parting thoughts (8), as well as the usual notes and index.

This book is very matter of fact, and that is the best way, I think, to deal with this sort of material.  For one, many of the fallacies the author talks about tend to overheat the political rhetoric of our contemporary age, leading to massive accusations on the part of those who peddle them of systematic injustice that often turns out to have been the aggregate impact of individual decisions in the realm of personal responsibility.  When a woman makes a choice to take off work for a period of time to have children, and to work jobs that promote flexibility of schedule so that she can help take care of those children, that is clearly a personal choice.  When that choice is made by millions of women who all avoid dangerous professions and seek to focus their work schedule in such a way that allows them to take care of their kiddos, that has a result on the aggregate income of women when compared to men without there being any discrimination on a gender basis in the workforce.  And so it goes.  Sowell does a great job at defusing bombs and turning rhetorical grenades into a thoughtful and pointed discussion on fallacies and the importance of developing sound economic reasoning.