Summary of Economic Facts and Fallacies

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Economic Facts and Fallacies book summary
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getAbstract International Book Award Winner 2008

9 Overall

8 Applicability

8 Innovation

9 Style


Long before Freakonomics hit the bookstores, Thomas Sowell was popularizing economics in simple plain language. In his latest book, he continues to illuminate the dismal science cheerily, shining his flashlight on a handful of fallacies common to policy makers and even some professional economists. After describing these fallacies, Sowell shows them at work in discussions of urbanization, gender equality, education, income, race and economic development. The result is a bracing tonic that will almost certainly change your views on some of the most emotional issues of the day. getAbstract recommends this slim, fast-moving read to those who are unafraid to subject their convictions to the light of the economic evidence.

In this summary, you will learn

  • What common fallacies crop up again and again in economic and policy discussions;
  • How these fallacies distort people’s thinking about a range of important political issues; and
  • How to correct these distortions.

About the Author

Thomas Sowell is scholar-in-residence at the Hoover Institution at Stanford University. He is also the author of Basic Economics.



A Fount of Fallacies
In one old joke, two friends are talking on a busy street corner in Manhattan. Noticing the frenetic traffic, one recounts some statistics he just heard. Apparently, he says, a man gets hit by a car in the city every 20 minutes. “Oh dear,” says the other friend, “he...

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