Fifty Economic Fallacies Exposed

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ISBN: 9780255365185 | 0255365187
Cover: Paperback
Copyright: 12/1/2002

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These lucid and stimulating columns are invaluable to students struggling to master some of the complexities of economic theory and its applications, who often find the most effective way to learn economic analysis is to see such fallacies exposed. It is a text particularly suitable for first-year economics students, complementing existing textbooks as it does, and clarifying basic concepts in economics while demonstrating the practical uses of economic theory.

The author	p. 9
Foreword	p. 11
Acknowledgements	p. 13
Introduction	p. 17
Regulation and markets	p. 19
Ticket touts are harmful and wicked. They should be stamped out by law	p. 21
The conduct of an industry - in particular, how it serves consumers - is improved by government regulation	p. 23
The state should step in to protect the environment	p. 25
Firms should not make profits	p. 27
International trade	p. 31
One country should not cut its tariffs unless others do	p. 33
Free trade should be fair	p. 35
Free trade causes unemployment	p. 38
The country should be more competitive	p. 42
International finance	p. 45
Foreign exchange speculation should be stopped	p. 47
A current account deficit is a problem	p. 49
EMU will eliminate turbulence in the ERM	p. 52
Interest rates and exchange rates	p. 55
Britain should join the euro at the 'correct' exchange rate	p. 58
Inflation	p. 61
Raising interest rates causes inflation	p. 63
Credit controls are better than interest rates	p. 65
Credit controls - do they work?	p. 67
Devaluation causes inflation	p. 70
Price rises above inflation are bad	p. 72
Relative price changes can be ignored	p. 75
Government-imposed price rises have worsened inflation	p. 78
Controlling prices controls inflation	p. 81
Inflation, real values and 'government money'	p. 84
Confusion about inflation	p. 87
Fiscal policy: taxation	p. 91
Governments can precisely manage the economy by fiscal policy	p. 93
Employers contribute towards workers' benefits	p. 95
Taxes should go up to slow inflation	p. 99
The government should place extra taxes on companies that make 'excess profits'	p. 103
The Chancellor can predict the effect of tax allowances on behaviour	p. 106
Fiscal policy: government spending	p. 109
Investment is a good thing, and should be encouraged by every means in the government's power	p. 111
Government borrowing should be guided by the 'Golden Rule'	p. 114
Welfare benefits should not be cut when the public finances are in surplus	p. 117
The 'Iron Chancellor' and government spending	p. 120
The Chancellor should reduce his spending plans	p. 123
Monetary policy: theory	p. 127
High interest rates are bad for the economy, and the government should reduce them forthwith	p. 129
International capital mobility has increased, so governments have little control over economic activity	p. 132
Rising bond yields will slow the economy	p. 134
A boost to demand from monetary policy will help growth	p. 137
It is sensible to judge past decisions in the light of current information	p. 141
Monetary policy: practice	p. 145
The Bank of England should rescue a failed or failing bank	p. 147
Monetary and exchange-rate policy can be conducted independently of each other	p. 150
Scotland should be represented on the MPC	p. 153
Cost, price and value	p. 157
Oil companies have been robbing the public by raising prices when they have inventories bought at previous, lower prices	p. 159
Cutting out the middleman brings down prices	p. 161
What a good costs to produce determines its worth	p. 163
Labour markets	p. 167
They're not well paid. They should get a living wage	p. 169
'EC gives better maternity deal to UK women'	p. 172
Social dumping is a problem	p. 174
With population growth continuing, it will be harder and harder to find jobs for everyone	p. 176
Imposing labour standards helps the poor and protects domestic workers	p. 179
Workers should hold shares in the company they work for	p. 182
About the IEA	p. 186
Table of Contents provided by Blackwell. All Rights Reserved.

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Fifty Economic Fallacies Exposed

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Fifty Economic Fallacies Exposed

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