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One-Sentence Summary
Thomas Sowell’s Economic Facts and Fallacies dismantles widely held economic misconceptions by applying empirical evidence and clear logic to topics like gender, race, income inequality, housing, education, and the role of government intervention.
Top 5 Quotes
- “The first lesson of economics is scarcity: there is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”
- “Prices are not just arbitrary numbers; they are signals that convey information and incentives.”
- “Fallacies are not simply crazy ideas; they often sound plausible and are emotionally appealing—which is why they persist.”
- “Much of what is called ‘discrimination’ consists of economic decisions that make perfect sense under given constraints.”
- “Policies designed to help one group often do so at the expense of another, yet those costs are frequently ignored.”