Prophylactic Against Popular Fallacies

|Peter Boettke|

In his famous Syllabus, Henry Simons wrote that "Academic economics is primarily useful, both to the student and lo ihc political leader, as a prophylactic against popular fallacies."

 

Comments

[Bill Woolsey]

It is supply and demand. Not supply or demand.

You know, how many popular fallacies are based on thinking only about supply or else demand and not considering joint determination of prices and quantities.

(But I love video.)

[Daniel Kuehn]

I agree with Bill. It's like Greg Mankiw once said when he was asked if he was a supply-side or demand-side economist. His response was that he was a supply-and-demand economist.

That should be every economists' response and that's a big problem with the way this and previous videos present the issues. It's liable to mislead people and propagate fallacies.

We know both matter. Supply factors tend to assert themselves in the long run and demand factors tend to assert themselves in the short run.

[Mario Rizzo and David Ricardo]

"Men err in their production; there is no deficiency of demand."

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[John Lee]

Why doesn't income equal expenditure?

Is savings equal to investment?

[David Johnson]

Two blades of the same scissors

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