"Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." -John Adams
Dr. Thomas Sowell's latest book, Economic Facts and Fallacies (not to mention his Basic Economics) is a must read for anyone interested in understanding the complexities of the market. He goes to great lengths to demonstrate how many of the so-called "problems" of the market parroted by critics of the free-market economy are actually derivative of nefarious government intervention. His book is divided into eight chapters, each dedicated to the exposition and refutation of a common solecism in economic reasoning. I just cracked the binding today, so I've only made it through part of the second chapter. In a nut-shell, Sowell deftly shows how sky-rocketing housing prices in certain locales are not the result of avaricious housing corporations but rather the fault of obscene government regulation on building and expansion. He compares the cost of living in San Francisco to that of Houston. In the latter, there are virtually no government-imposed restrictions or regulations on building and the cost of living is far below that of San Francisco, a city shackled down with government oversight in its home building laws. Of course, Sowell goes into greater detail in the book but the overarching gist throughout is that economic policies advocated by the left, and some on the far right (economics make strange bedfellows), that are ostensibly aimed at helping the "little guy" and minorities actually make the situation worse for everyone, especially the little guy. Here are the chapters of his book:
Chapter One: The Power of Fallacies
Chapter Two: Urban Facts and Fallacies
Chapter Three: Male-Female Facts and Fallacies
Chapter Four: Academic Facts and Fallacies
Chapter Five: Income Facts and Fallacies
Chapter Six: Racial Facts and Fallacies
Chapter Seven: Third World Facts and Fallacies
Chapter Eight: Parting Thoughts
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