Too Many Economic “Truths” Are Built on Fallacies

Source: Ludwig von Mises Institute
by George Ford Smith

“The country’s top economists are in agreement that the Federal Reserve is necessary for economic prosperity. The country’s leading experts agree that X is harming the environment. Therefore, the government should regulate or ban X. Let’s address the first statement. Is it true? In a literal sense, yes — the top economists wouldn’t dream of doing without a central bank. Or if they did it would be considered a nightmare. So, is our work finished? Do we affirm it as true and move on? No, because the statement suggests that unless you’re a top economist, you have no grounds for disagreeing. I call it the ‘Who are you?’ (Quis es?) fallacy. History tells us experts can be dead wrong, so let’s at least mount a challenge, shall we?” (11/22/22)