August 20, 2008
Fallacies

Steve Horowitz asks for nominations of economic fallacies of fact and of theory. My choices:

Fallacy of Fact: That consumption can take place before production.

Fallacy of Theory: That jobs are goods.

Posted by Robert Lawson at 12:01 PM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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