error_outline Economic Fallacies

Common errors in economic reasoning

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"In the economic sphere, an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects unfold only subsequently; they are not seen. Between a bad and a good economist, this is the whole difference: one confines himself to the visible effect; the other takes into account both the effect that can be seen and those effects that must be foreseen."

— Bastiat, Frédéric

menu_book That Which Is Seen, and That Which Is Not Seen

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Economics in One Lesson

person Hazlitt, Henry

event 1946

Classic introduction to economic thinking, demonstrating that good economics considers both the immediate effects and the longer-term effects on al...

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