Home
In this issue

July 2, 2009

Rabbi Abraham J. Twerski: The hallmark of a person

Abe Novick: Up, up, and aliya

July 1, 2009

Rabbi Avi Shafran: The Road Taken

The Kosher Gourmet by Marialisa Calta: Get into the holiday spirit with these Star-Spangled desserts

June 30, 2009

Rabbi Binyomin Ginsberg: What makes a great parent?

Caroline B. Glick: Ideologue-in-Chief

June 29, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Beware of 'Caveat Emptor'

Steven Emerson: ACLU pushing for more money for Hamas

June 26, 2009

Rabbi Yoni Posnick: Learn the secret to a healthy marriage from a scriptural villain

Caroline B. Glick: Barack Obama vs. International Law

June 25, 2009

Rabbi Shimon Apisdorf: The Absurd Power of Truth

Jordan "Gorf" Gorfinkle's strip: Everything's Relative

June 24, 2009

Rabbi Yonason Goldson: Advancement of technology is a wake-up call for humanity

The Kosher Gourmet by Andrea Weigl: Summer on a stick: Making frozen treats can be easy, creative and fun

June 23, 2009

Martin M. Bodek: 'On Surnames': And so, We Begin

Caroline B. Glick: The Obama Effect

June 22, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Working for a corrupt firm

N. Richard Greenfield : Where are American Jews?

June 19, 2009

Rabbi Abraham J. Twerski: Emotion v. intellect

Caroline B. Glick: Israel's rare opportunity

June 18, 2009

Jonathan Rosenblum: Sometimes it is more essential to define the nature of evil than good

Jordan "Gorf" Gorfinkle's strip: Everything's Relative

June 17, 2009

Rabbi Yonason Goldson: The Language of Confusion

The Kosher Gourmet by Linda Gassenheimer: Nothing pleases Dad more than a thick, juicy onion-smothered steak. Add home-Baked Potato Chips and …

June 16, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Career v. Careersism

Caroline B. Glick: Obama's losing streak and Israel

Richard Z. Chesnoff: ‘Palestinians’: Never Missing an Opportunity …

June 15, 2009

Israeli Prime Minister Binyamin Netanyahu: How Judea and Samaria can become 'Palestine'

Daniel Pipes: Where Netanyahu's speech failed

June 12, 2009

Rabbi Abraham J. Twerski: Some big thoughts about not acting so big

Caroline B. Glick: Obama's High Commissioner

June 11, 2009

Victor Davis Hanson: Our historically challenged President

Mitch Albom: Beware the True Believers

Lewis Grossberger: What we learn from the new Hitler photos

June 10, 2009

Mort Zuckerman: What Obama and his advisors won't -- or refuse to -- grasp about Israel and the Muslim world

The Kosher Gourmet by Steve Petusevsky Lotsa pasta: Tips, techniques and (amazing) taste

June 9, 2009

Anne Bayefsky: Obama's stunning offense to Israel and the Jewish people

Frank J. Gaffney, Jr.: America's first Muslim president?

June 8, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Merchant must take responsibility for careless shopper?

Mark Steyn: A superpower that feeds on mediocrity cannot survive for long on leftovers from the past

Richard Z. Chesnoff: How do you say 'kumbaya' in Arabic?

June 5, 2009

Rabbi Abraham J. Twerski: In quest of spirituality

Caroline B. Glick: Obama's Arabian dreams

Charles Krauthammer: The Settlements Myth

June 4, 2009

Paul Greenberg: The War Comes to Little Rock

The Kosher Gourmet by Judy Hevrdejs: Splash it on! Tap your inner jazz musician and improvise when stirring up a vinaigrette

June 3, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q. Should terrible teacher be exposed?

Jonathan Rosenblum: The Israel Lobby: Missing in Action

June 2, 2009

Dennis Prager: The Speech President Obama Won't Dare Give in Egypt

Frank J. Gaffney, Jr.: Pressure on Israel raises war risk

Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review Feb. 7, 2008 / 1 Adar I 5768

Economics, anyone?

By Thomas Sowell


Printer Friendly Version
Email this article

http://www.JewishWorldReview.com | The other day, a reader e-mailed me to ask for an explanation of the gold standard. He had heard it advocated in one of the political speeches.


Any responsible answer to his question would have taken more time than I could spare, but I looked through several introductory economics textbooks — including my own, "Basic Economics" — to try to find something that I could recommend that he read. Unfortunately, none of them covered the gold standard in any great detail.


Since then, however, I have gotten around to reading a recently published book titled "The Concise Encyclopedia of Economics," edited by David R. Henderson and published by the Liberty Fund in Indianapolis.


It had an article on the gold standard.


More important, it has articles on all sorts of other economic topics, from advertising to minimum wage laws and from pharmaceutical drugs to foreign aid.


Most of these articles are written by well-known economists and — miracle of miracles — they are written in plain English and can usually be understood by readers with no previous knowledge of economics.


An election year would be the perfect time to get a book like this, so that you can understand some of the economic issues being hotly debated. However, if you have a favorite candidate, you should be warned that there is nothing like studying economics to make you disillusioned — if not disgusted — with your political hero. If all the economic fallacies promoted by politicians were taken out of their speeches, many of those speeches would be cut in half, at least.



OWN DR. SOWELL'S LATEST BOOK …


at a discount
by clicking HERE.


My own recently published book, "Economic Facts and Fallacies," deals with some of the most widely promoted fallacies. But no book can cover all the utter nonsense that politicians talk in an election year.


My hope is that "Economic Facts and Fallacies" will expose some of the worst fallacies and leave readers sufficiently skeptical that they will take other political "solutions" with a grain of salt and stop to think before they join a stampede.


Fallacies can sound very plausible if you don't stop to analyze what is being said and don't bother to check out the facts.


Some of the fallacies examined in various chapters of "Economic Facts and Fallacies" include the following:


1. Government programs are needed to create "affordable housing." (Actually, government intervention is what has made housing so unaffordable in places where even hovels are expensive.)


2. Employer discrimination is the main reason for differences in income between women and men. (Tons of evidence point in other directions.)


3. College tuition is going up so fast because of rising costs. (Only if you call voluntary increases in spending "rising costs.")


4. Foreign aid helps poor countries become more prosperous. (Only if you don't look at the evidence.)


5. The rich are getting richer and the poor are getting poorer. (It all depends on whether you are talking about flesh and blood human beings or statistical brackets.)


"Economic Facts and Fallacies" is not just a demolition derby. It also brings out some facts that seldom get much attention in the media.


1. The poverty rate among black married couples has been in single digits since 1994.


2. The average income of the elderly is several times their earnings, and their wealth is far higher than among younger people.


3. Just as blacks are turned down for mortgage loans more often than whites, so whites are turned down more often than Asian Americans. (What does that do to racism as an all-purpose explanation?)


In any event, here are two books from which people with no background in economics can learn to protect themselves from the economic fallacies which abound in an election year.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

Comment on JWR contributor Thomas Sowell's column by clicking here.

Up

Thomas Sowell Archives



© 2006, Creators Syndicate

Insight (Our Columnists)

 Mitch Albom
 Michael Barone
  Dave Barry
 Tony Blankley
 Andy Borowitz
 David Broder
 Stratfor Briefing
 Mona Charen
 Linda Chavez
 Ann Coulter
 Greg Crosby
 Rod Dreher
 Larry Elder
 Suzanne Fields
 John Fund
 Frank J. Gaffney
 Lloyd Garver
 Jonah Goldberg
 Julia Gorin
 Jonathan Gurwitz
 Paul Greenberg
 Lewis Grossberger
 Victor Davis Hanson
 Betsy Hart
 Nat Hentoff
 David Horowitz
 Laura Ingraham
 Paul Johnson
 Jack Kelly
 Ed Koch
 Ch. Krauthammer
 Jonathan Last
 Michael Ledeen
 John Leo
 David Limbaugh
 Kathryn Lopez
 Rich Lowry
 Michelle Malkin
 Jackie Mason
 Dick Morris
 Bill O'Reilly
 Jim Mullen
 Clarence Page
 Kathleen Parker
 Dennis Prager
 Wesley Pruden
 Tom Purcell
 Jonathan Rauch
 Celia Rivenbark
 Robert Robb
 Cokie & Steve Roberts
 Pat Sajak
 Debra J. Saunders
 Culture Shlock
 Roger Simon
 Michael Smerconish
 Thomas Sowell
 Mark Steyn
 John Stossel
 Cal Thomas
 Bob Tyrrell
 Diana West
 Dave Weinbaum
 George Will
 Walter Williams
 Byron York
 Mort Zuckerman

'Toons
 Robert Arial
 Chuck Asay
 Baloo
 Chip Bok
 Dry Bones
  Lisa Benson
 John Branch
 Gary Brookins
 John Cole
 J. D. Crowe
 John Deering
 Brian Duffy
 Everything's Relative
 Mallard Fillmore
 Jake Fuller
 Bob Gorrel
 Joe Heller
 David Hitch
 Jerry Holber
 Steve Kelley
 Jeff Koterba
 Dick Locher
 Chan Lowe
 Ranan R. Lurie
 Jimmy Margulies
 Rick McKee
 Michael Ramirez
 Kevin Siers
 Jeff Stahler
 Ed Stein
 Danna Summers
 John Trever
 Gary Varvel
 Kirk Walters

Lifestyles
 How 2
 Lori Borgman
 The Savvy Consumer
 Elder matters
 Fixit
 Dr. Peter Gott
 Marybeth Hicks
 GET A JOB! by Marty Nemko
 Richard Lederer
 Tech Maven
 Every Monday Matters
 Nutrition Myths
 Bookmark These
 Bruce Williams
 How Stuff Works