By Geoffrey Edward Wood
Considering the fact that 1988, Professor Geoffrey wooden of the Sir John Cass enterprise college, urban of London, has written a standard column within the IEA's magazine fiscal Affairs, within which he exposes well known monetary fallacies. This booklet collects fifty of those columns and exposes a variety of universal fallacies - for instance, in regards to the meant hazards of unfastened exchange, the talents of governments to regulate the economic system, the results of presidency rules, and setting up the "correct" fee at which to hitch the Euro. those lucid and stimulating columns are important to scholars suffering to grasp many of the complexities of financial idea and its purposes, who usually locate the best strategy to examine monetary research is to work out such fallacies uncovered. it's a textual content fairly appropriate for first-year economics scholars, complementing present textbooks because it does, and clarifying easy ideas in economics whereas demonstrating the sensible makes use of of monetary idea.
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Extra info for Fifty Economic Fallacies Exposed
All these questions are important. But in this ‘Fallacy Exposed’ they are all set aside so that the focus can be exclusively on a particular issue in the debate – the sterling–euro exchange rate. Some businessmen and some politicians sometimes say that we should join, but only at the ‘correct’ rate, or, if they are somewhat less prescriptive, at a rate lying within what they say is the ‘correct range’. Those who make that claim are either doubly deluded or consciously trying to delude others doubly.
It can cause harm, if it leads to policies which impede international trade. If, for example, we start protecting ﬁrms by tariffs or subsidies to produce ‘national champions’ then we are wasting resources. Nevertheless, that said, it is necessary to be fair to those who talk of national ‘competition’. Obviously, it is better to be more productive rather than less. For the more productive one is, the better off one is. Some at least of the schemes to make us more ‘competitive’ are actually designed to make us more productive.
Sometimes such deﬁcits can be symptoms of problems 50 i n t e r n at i o n a l f i n a n c e (though not problems in themselves). For example, the symptom can be of ‘excess demand’. Easy monetary policy may have overstimulated demand, leading not just to rising prices, but also (as goods become harder to obtain or more expensive at home) to more purchases from abroad. If the exchange rate is ﬂoating, it will be driven down. And if it is pegged, there will be pressure to devalue. Before summing up, one point remains.