Books Economic Facts and Fallacies, 2nd edition  by Thomas Sowell (Author)

"Economic Facts and Fallacies" (2nd edition) by Thomas Sowell is a rigorous analysis of common economic misconceptions and the fallacious thinking that often underpins misguided public policies. Sowell challenges popular beliefs with logical scrutiny and empirical evidence, focusing on several core economic fallacies that recur in policy debates.

The book highlights four key fallacies:

The zero-sum fallacy, the mistaken idea that economic transactions involve a winner and a loser, which leads to false assumptions about economic competition and wealth distribution.

The fallacy of composition, which assumes that what benefits one group at the expense of another must be beneficial overall.

The chess-piece fallacy, the belief that social engineers or policymakers can effectively control society like chess pieces without unintended consequences.

The open-ended fallacy, which overlooks the scarcity of resources when promising unlimited benefits in healthcare, safety, or housing.