Understanding basic economics is crucial for all libertarians. No other field offers as clear and irrefutable a case for liberty. Indeed, statism draws much of its support from the public’s flawed understanding of economics. Even libertarians are occasionally led astray by flawed economic reasoning. A friend recently brought a book designed to combat such flaws to my attention: Geoffrey E. Wood’s Fifty Economic Fallacies Exposed.
I haven’t read the entire book yet, but many people would benefit from the parts that I have. In many ways, the book reminds me of George Reisman’s Government Against the Economy — a work that F.A. Hayek considered essential reading because he knew “no other place where the crucial issues [were] explained as clearly and convincingly.”
Short books like Fifty Economic Fallacies are great starting points for those who want to learn economics and are often outstanding educational outreach tools. This book makes a solid addition to our growing arsenal. With this book, Wood joins a long line economic popularizers from Bastiat to Hazlitt and beyond.
P.S. I strongly encourage readers interested gaining in more comprehensive economic understanding to consult Reisman’s Capitalism.