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No Free Lunch: Six Economic Lies You've Been Taught And Probably Believe Kindle Edition
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"A welcome addition to the literature striving to eradicate one of the greatest social ills humanity faces-basic economic illiteracy." --Peter J. Boettke, University Professor of Economics and Philosophy George Mason University
Most people don't think economics can be life-changing because they confuse it with forecasting, charts, diagrams, numbers, math, and politics. The book you're holding in your hands will change all of that. In plain English, Caleb Fuller shares how economics is about people, how they pursue their dreams, and what hinders them along the way. He shows how you've been too easily persuaded by pithy catchphrases and bumper-sticker slogans, even outright lies, that fail to grapple with the rich complexity of your life and human society as a whole. You'll be offended when you realize that you've been "had," but ultimately relieved when you see economics, and your life, through a new lens.
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Most people don't think economics can be life-changing because they confuse it with forecasting, charts, diagrams, numbers, math, and politics. The book you're holding in your hands will change all of that. In plain English, Caleb Fuller shares how economics is about people, how they pursue their dreams, and what hinders them along the way. He shows how you've been too easily persuaded by pithy catchphrases and bumper-sticker slogans, even outright lies, that fail to grapple with the rich complexity of your life and human society as a whole. You'll be offended when you realize that you've been "had," but ultimately relieved when you see economics, and your life, through a new lens.
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sorted byHere are the six economic misconceptions debunked in Caleb S. Fuller's "No Free Lunch", each followed by a brief explanation:
1. **Government Efficiency in Managing Resources** - Fuller argues against the notion that governments can allocate resources more efficiently than the private market. He emphasizes that government interventions often lack the information and incentives necessary to match market efficiency.
2. **Benefits of Protectionism** - This misconception suggests that protecting domestic industries through tariffs and quotas benefits the economy. Fuller counters that such protectionism typically harms consumers through higher prices and reduces economic efficiency by favoring less competitive industries.
3. **Usefulness of Price Controls** - Fuller challenges the idea that price controls, such as rent ceilings or price caps, are beneficial. He points out that they usually lead to shortages, reduced quality, and less investment in the controlled sectors.
4. **Fairness of Progressive Taxation** - The belief that progressive taxation is inherently fair is questioned. Fuller discusses the economic distortions it creates, such as reduced incentives for investment and entrepreneurship.
5. **Effectiveness of Economic Intervention** - The book disputes the effectiveness of broad economic interventions by the government, like stimulus packages, arguing that they often lead to unintended consequences and inefficient resource allocation.
6. **Precision in Economic Modeling** - Fuller criticizes the overconfidence in economic models, highlighting their limitations in predicting complex economic phenomena due to assumptions that often do not hold in the real world.
Each of these points encourages a reconsideration of popular but potentially flawed economic beliefs, advocating for a more critical approach to economic policy and theory.
Directors have seen their dividend allowance drop from £5000 to £2000 to £1000 and now £500 during the last few years. Corporation tax has increased and they have orchestrated the most damaging form of Brexit in terms of trade. Many of you might think this only affects big businesses but it affects every single director/employee business that isn't a sole trader.
This government should be doing everything possible to encourage entrepreneurship, to get us trading with the rest of the world (because frankly the domestic market won't support growth, most people are feeling the pinch more than ever) but they don't.
Trickle down economics .....
If you work hard, you're getting rich...
Poor people are poor because they are lazy....
All of his conclusions have been implimented & failed.
Remember when 52% said it would be good for British businesses
Who would have thought tariffs increasing your costs, red tape making it harder to sell to the majority of your customers, 'amazing' trade deals resulting in more competition with cheaper imports would be good for UK businesses
Funny facts & reality Cons, DM and GB News fans don't like is Neoliberalism propaganda, rubbish or BS! (edited)
I'll give it a miss, ta
That's the only economic truth people understand in this country.
Irony is it's gone the opposite, increasing from 500k to 750k and boats up from 3k to 45-65k!
Cons know they'll still support them everytime if they say what they want to hear, despite being repeated record failures (edited)
It is about a load of magic money trees in an orchard & a few farmers fighting over which trees they get to harvest but you only get to eat the rotten fruit on the floor, if they accidentally drop some & forget to pick it up.