Economic Myths and Magic: Debunking the Illusions of Conventional Economic Thinking

Norman C. Miller's book explores 11 economic myths and discusses the effects of technology, poverty, income inequality, international trade, and trade deficits on employment and economic growth. It also includes case studies of the Great Depression, the Great Recession, and the COVID-19 pandemic.

Format: Hardback
Length: 152 pages
Publication date: 14 April 2023
Publisher: Edward Elgar Publishing Ltd

This insightful and comprehensive book delves into the realm of economics, challenging contemporary illusions about the functionality of economies. Through a combination of theory and empirical studies, it explores the phenomena of economic magic and economic black magic. Norman C. Miller examines 11 economic myths, including the notion that excessive imports lead to job losses as firms are forced to downsize or shut down, the belief that a more equal distribution of income stifles incentives and hinders economic growth rates, and the misconception that a higher minimum wage always results in a net decrease in employment.

Chapters within the book examine the impact of technological advancements, poverty, income inequality, international trade, and trade deficits on employment and economic growth. The book concludes with discussions on three case studies, namely the Great Depression, the Great Recession, and the COVID-19 pandemic, which serve as examples of economic black magic.

This creative and accessible book is a valuable resource for students and scholars in economics, finance, the history of economic thought, methodology of economics, and political economy. It will also be of interest to business owners, economists, finance practitioners, social scientists, and citizens who are eager to gain a deeper understanding of the functioning of economies.

Dimension: 234 x 156 (mm)
ISBN-13: 9781803925622