Economic Facts and Fallacies

In Economic Facts and Fallacies, Thomas Sowell exposes some of the most popular fallacies about economic issues in a lively manner that does not require any prior knowledge of economics.

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Frederic Bastiat

The Law

Read this for FREE at mises.org

The Law, originally published as a pamphlet in 1850. It defines, through development, a just system of laws and then demonstrates how such law facilitates a free society. In The Law, he wrote that everyone has a right to protect "his person, his liberty, and his property". The State should be only a "substitution of a common force for individual forces" to defend this right. "Justice" (defense of one's life, liberty, property) has precise limits, but if government power extends further, into philanthropic endeavors, government becomes so limitless that it can grow endlessly. The resulting statism is "based on this triple hypothesis: the total inertness of mankind, the omnipotence of the law, and the infallibility of the legislator." The public then becomes socially-engineered by the legislator and must bend to the legislators' will "like the clay to the potter": "I do not dispute their right to invent social combinations, to advertise them, to advocate them, and to try them upon themselves, at their own expense and risk. But I do dispute their right to impose these plans upon us by law – by force – and to compel us to pay for them with our taxes". Bastiat posits that the law becomes perverted when it punishes one's right to self-defense (of his life, liberty, and property) in favor of another's right to "legalized plunder," which he defines as: "if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime." Bastiat was thus against redistribution.

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Walter Block

Defending The Undefendable

Professor Block's book is in a new edition from the Mises Institute, completely reset and beautifully laid out in an edition worthy of its contents.

It is among the most famous of the great defenses of victimless crimes and controversial economic practices, from profiteering and gouging to bribery and blackmail. However, beneath the surface, this book is also an outstanding work of microeconomic theory that explains the workings of economic forces in everyday events and affairs.

Murray Rothbard explains why:

"Defending the Undefendable performs the service of highlighting, the fullest and starkest terms, the essential nature of the productive services performed by all people in the free market. By taking the most extreme examples and showing how the Smithian principles work even in these cases, the book does far more to demonstrate the workability and morality of the free market than a dozen sober tomes on more respectable industries and activities. By testing and proving the extreme cases, he all the more illustrates and vindicates the theory."

F.A. Hayek agreed, writing the author as follows: "Looking through Defending the Undefendable made me feel that I was once more exposed to the shock therapy by which, more than fifty years ago, the late Ludwig von Mises converted me to a consistent free market position. … Some may find it too strong a medicine, but it will still do them good even if they hate it. A real understanding of economics demands that one disabuses oneself of many dear prejudices and illusions. Popular fallacies in economic frequently express themselves in unfounded prejudices against other occupations, and showing the falsity of these stereotypes you are doing a real services, although you will not make yourself more popular with the majority."

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Christina Hoff Sommers

Who Stole Feminism?

Philosophy professor Christina Sommers has exposed a disturbing development: how a group of zealots, claiming to speak for all women, are promoting a dangerous new agenda that threatens our most cherished ideals and sets women against men in all spheres of life. In case after case, Sommers shows how these extremists have propped up their arguments with highly questionable but well-funded research, presenting inflammatory and often inaccurate information and stifling any semblance of free and open scrutiny. Trumpeted as orthodoxy, the resulting "findings" on everything from rape to domestic abuse to economic bias to the supposed crisis in girls' self-esteem perpetuate a view of women as victims of the "patriarchy". Moreover, these arguments and the supposed facts on which they are based have had enormous influence beyond the academy, where they have shaken the foundations of our educational, scientific, and legal institutions and have fostered resentment and alienation in our private lives. Despite its current dominance, Sommers maintains, such a breed of feminism is at odds with the real aspirations and values of most American women and undermines the cause of true equality. Who Stole Feminism? is a call to arms that will enrage or inspire, but cannot be ignored.

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