Seven Deadly Economic Sins: Obstacles to Prosperity and Happiness Every Citizen Should Know

The Seven Deadly Sins are natural human weaknesses that can lead to economic sins such as waste, loss, and forgone prosperity. James Otteson's book explains why these fallacies are fallacies, why believing in them leads to mistakes and loss, and how exorcizing them from our thinking can help us avoid costly errors and enable us to live in peace and prosperity.

\n Format: Hardback
\n Length: 322 pages
\n Publication date: 08 April 2021
\n Publisher: Cambridge University Press
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The Seven Deadly Sins, a set of inherent human weaknesses, encompass a range of negative emotions and behaviors that hinder happiness. While these vices are well-known, it is important to recognize that there are also economic sins that have a profound impact on our lives and society. These sins may appear intuitively appealing, but they ultimately result in waste, loss, and missed opportunities for prosperity. In his insightful and compelling book, James Otteson delves into the story of seven central economic fallacies, shedding light on their nature as fallacies, the consequences of believing in them, and the ways in which exorcizing them from our thinking can prevent costly errors and lead to a peaceful and prosperous existence.

The first economic sin is the belief in the myth of scarcity. This fallacy suggests that resources are limited and that we must compete fiercely for them. As a result, individuals and societies engage in wasteful practices such as hoarding, overconsumption, and environmental degradation. By recognizing the abundance of resources available to us, we can adopt more sustainable and equitable practices that promote prosperity for all.

The second economic sin is the fallacy of comparative advantage. This fallacy suggests that countries can specialize in producing goods and services in which they have a comparative advantage and trade with other countries to gain access to resources they lack. While this approach may seem logical, it can lead to unintended consequences such as job losses, economic inequality, and environmental degradation. By promoting fair trade practices and encouraging countries to develop their strengths, we can create a more balanced and sustainable global economy.

The third economic sin is the belief in the power of the market. This fallacy suggests that the market is an efficient and self-regulating system that will automatically lead to prosperity for all. While the market has its benefits, it is not a perfect system and can be influenced by external factors such as government policies, corporate greed, and consumer behavior. By recognizing the limitations of the market and promoting policies that promote social welfare and economic equality, we can create a more just and sustainable economy.

The fourth economic sin is the fallacy of trickle-down economics. This fallacy suggests that economic growth will trickle down from the wealthy to the poor and that government intervention in the economy is unnecessary or harmful. While some argue that free markets can lead to prosperity, this fallacy fails to account for the fact that wealth inequality is a major contributor to economic instability and social unrest. By promoting policies that redistribute wealth and invest in education and infrastructure, we can create a more equitable and sustainable economy.

The fifth economic sin is the belief in the efficiency of privatization. This fallacy suggests that private companies are more efficient than public companies and that privatization can lead to greater economic growth and innovation. While there may be some cases where privatization is beneficial, it is not a panacea for all economic problems. Private companies are driven by profit motives and may prioritize short-term gains over long-term sustainability and social welfare. By promoting public ownership and regulation of key industries, we can ensure that the economy works for the benefit of all.

The sixth economic sin is the fallacy of consumerism. This fallacy suggests that the pursuit of material possessions and consumerism is the key to happiness and fulfillment. While it is true that consumerism can provide temporary pleasure and satisfaction, it is not a sustainable or fulfilling way of life. By promoting a more balanced approach to consumption, such as prioritizing experiences over material possessions, we can create a more meaningful and sustainable economy.

The seventh economic sin is the fallacy of growth at all costs. This fallacy suggests that economic growth is the only goal worth pursuing and that any costs associated with it, such as environmental degradation, social inequality, and human rights abuses, are acceptable. By recognizing the finite nature of resources and the importance of sustainable development, we can create a more balanced and sustainable economy that promotes prosperity for all while protecting the planet for future generations.

In conclusion, the Seven Deadly Sins of economics are a set of fallacies that can lead to waste, loss, and missed opportunities for prosperity. By recognizing these fallacies and promoting policies that promote social welfare, economic equality, and sustainable development, we can create a more just and sustainable economy that benefits all. It is important to remember that economic growth is not the only goal worth pursuing and that we must prioritize the well-being of people and the planet over short-term gains. By exorcizing these fallacies from our thinking and working towards a more just and sustainable future, we can create a world that is more peaceful, prosperous, and equitable for all.

\n Weight: 514g\n
Dimension: 147 x 223 x 25 (mm)\n
ISBN-13: 9781108843379\n \n