Economic Myths and Magic: Debunking the Illusions of Conventional Economic Thinking

Economic Myths and Magic: Debunking the Illusions of Conventional Economic Thinking

Author
Norman C. Miller
Publisher
Edward Elgar Publishing
Language
English
Year
2023
Page
152
ISBN
1803925620,9781803925622
File Type
pdf
File Size
2.6 MiB

This insightful and comprehensive book uses theory and empirical studies to debunk contemporary illusions about the functionality of economies and examines the phenomena of economic magic and economic black magic.

Norman C. Miller considers 11 economic myths, three of which are the theory that excessive imports reduce employment as firms are forced to downsize or shut down, that a more equal distribution of income kills incentives and reduces economic growth rates and the myth that a higher minimum wage always generates a net decrease in employment. Chapters examine the effects of advances in technology, poverty and income inequality, international trade, and trade deficits on employment and economic growth. The book concludes with discussions on three case studies demonstrating economic black magic, namely the Great Depression, the Great Recession, and the COVID-19 pandemic.

This creative and accessible book will be vital reading for students and scholars in economics and finance, the history of economic thought, methodology of economics, and political economy. It will also be beneficial for business owners, economists, finance practitioners, and social scientists, as well as citizens interested in the functioning of economies.

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