The Free Market Center
Common Flaws & Fallacies
Found in Economic Thought
For a number of years, just out of curiosity, I kept a list of the errors that I encountered in comments people made about matters relating to economics. From a few of the items on that list I drafted the following document, which I have now posted here on the The Free Market Center.
I plan to edit these comments, and possibly dedicate separate pages to them, but in the meantime, I have posted them here for your information.
Fallacies of averages and aggregates generally occur when people average or aggregate non-homogeneous units.
I think that most citizens misunderstand the concepts of value and price.
Many people get all confused about the causal connections between variables in economic systems.
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