Books Economic and Fiscal Facts and Fallacies  by Guilford Lindsey Molesworth (Author)

The book "Economic Facts and Fallacies" is by Thomas Sowell, not Guilford Lindsey Molesworth. It reveals common and widely held economic misconceptions and false beliefs that influence public policy discussions. Sowell systematically debunks fallacies such as the zero-sum fallacy (the belief that one person's gain is another's loss), the fallacy of composition (assuming what is true for a part is true for the whole), the post hoc fallacy (confusing correlation with causation), the chess-piece fallacy (assuming society can be perfectly controlled and arranged like chess pieces), and the open-ended fallacy (assuming unlimited resources for ever-expanding demands).

The book explores real-world issues like poverty, minimum wage impact, income inequality myths, international trade, and government subsidies, emphasizing reliance on evidence rather than emotional appeals. Sowell stresses that economic policies must be grounded in facts and warns against policy errors stemming from these fallacies, as they often create harm or unintended consequences.