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Economic Facts and Fallacies, by Thomas Sowell.  Perhaps more dangerous than Americans' remarkable ignorance of economics is the number of economic fallacies that many people insist are true.  For example, long-term economic growth has benefitted the large majority of Americans.  That's a fact.  Indeed, between 1969 and 1996, per capita income after inflation rose about 51%.  However, family income rose only about 6% over the same period, not because the rich got richer and the poor barely got by, but because rising per capita incomes have made more people independent, thus contributing to a decrease in average family size.  As you can see, facts out of context can mislead.  Sowell corrects a number of classic economic fallacies with facts and common sense analyses, leading the reader to important economic truths.

ISBN-13: 9780465003495
Format: Hardcover, 262pp
Pub. Date: Dec 2007
Perseus Publishing