Paperback
Economic Myths and Magic
Debunking the Illusions of Conventional Economic Thinking
9781035339037 Edward Elgar Publishing
This insightful and comprehensive book uses theoretical and empirical studies to debunk contemporary illusions about the functionality of economies and examines the phenomena of economic magic and economic black magic. Norman C. Miller considers 11 economic myths, three of which are the theory that excessive imports reduce employment as firms are forced to downsize or shut down, that a more equal distribution of income kills incentives and reduces economic growth rates and the myth that a higher minimum wage always generates a net decrease in employment.
More Information
Critical Acclaim
Contents
More Information
This insightful and comprehensive book uses theory and empirical studies to debunk contemporary illusions about the functionality of economies and examines the phenomena of economic magic and economic black magic.
Norman C. Miller considers 11 economic myths, three of which are the theory that excessive imports reduce employment as firms are forced to downsize or shut down, that a more equal distribution of income kills incentives and reduces economic growth rates and the myth that a higher minimum wage always generates a net decrease in employment. Chapters examine the effects of advances in technology, poverty and income inequality, international trade, and trade deficits on employment and economic growth. The book concludes with discussions on three case studies demonstrating economic black magic, namely the Great Depression, the Great Recession, and the COVID-19 pandemic.
This creative and accessible book will be vital reading for students and scholars in economics and finance, the history of economic thought, methodology of economics, and political economy. It will also be beneficial for business owners, economists, finance practitioners, and social scientists, as well as citizens interested in the functioning of economies.
Norman C. Miller considers 11 economic myths, three of which are the theory that excessive imports reduce employment as firms are forced to downsize or shut down, that a more equal distribution of income kills incentives and reduces economic growth rates and the myth that a higher minimum wage always generates a net decrease in employment. Chapters examine the effects of advances in technology, poverty and income inequality, international trade, and trade deficits on employment and economic growth. The book concludes with discussions on three case studies demonstrating economic black magic, namely the Great Depression, the Great Recession, and the COVID-19 pandemic.
This creative and accessible book will be vital reading for students and scholars in economics and finance, the history of economic thought, methodology of economics, and political economy. It will also be beneficial for business owners, economists, finance practitioners, and social scientists, as well as citizens interested in the functioning of economies.
Critical Acclaim
‘In Economic Myths and Magic Norman Miller provides new takes on a host of economic questions that many of us had regarded as settled. Not everyone who picks up the book will agree with all of Professor Miller’s arguments, but those who read it at all carefully will come away with a lot more knowledge than they started with, and they will be quite entertained in the process.’
– James Lothian, Fordham University, US and former editor of Journal of International Money and Finance
‘Professor Miller has written a well informed and comprehensive, but very readable, explanation of important policy areas in economics. Those who have avoided economics as too dry and confusing, will find his approach refreshing. And he covers the most important issues that matter for everyone in our economy.’
– Alan Deardorff, University of Michigan, US
‘In my 45 years of academic life, I have not seen a more exciting, groundbreaking book than this one. Professor Miller''s experience of practicing macroeconomics in and out of the classroom is clearly visible as he attempts to erase many of the commonly held economic misconceptions and successfully show that traditional ways also need modification. The public appeal to this book is going to be extra-ordinary and it is a must buy for any person interested in general economics.’
– Kishore G. Kulkarni, Metropolitan State University of Denver, US
‘Economic myths arise either out of dogmatic thinking by some economists or because some politicians want to pursue certain agendas. As a result, we are frequently told that imports reduce GDP, tax reduction is conducive to growth, and a minimum wage is a bad idea. In this magnificent book, Norman Miller debunks these myths and others in a way that is likely to infuriate those who treat myths as indisputable facts of life. He lucidly demonstrates that the emperor has no clothes.’
– Imad Moosa, Kuwait University
– James Lothian, Fordham University, US and former editor of Journal of International Money and Finance
‘Professor Miller has written a well informed and comprehensive, but very readable, explanation of important policy areas in economics. Those who have avoided economics as too dry and confusing, will find his approach refreshing. And he covers the most important issues that matter for everyone in our economy.’
– Alan Deardorff, University of Michigan, US
‘In my 45 years of academic life, I have not seen a more exciting, groundbreaking book than this one. Professor Miller''s experience of practicing macroeconomics in and out of the classroom is clearly visible as he attempts to erase many of the commonly held economic misconceptions and successfully show that traditional ways also need modification. The public appeal to this book is going to be extra-ordinary and it is a must buy for any person interested in general economics.’
– Kishore G. Kulkarni, Metropolitan State University of Denver, US
‘Economic myths arise either out of dogmatic thinking by some economists or because some politicians want to pursue certain agendas. As a result, we are frequently told that imports reduce GDP, tax reduction is conducive to growth, and a minimum wage is a bad idea. In this magnificent book, Norman Miller debunks these myths and others in a way that is likely to infuriate those who treat myths as indisputable facts of life. He lucidly demonstrates that the emperor has no clothes.’
– Imad Moosa, Kuwait University
Contents
Contents: Preface 1. Myths and magic: introduction, objectives, and preview 2. Some causes of economic magic and/or black magic 3. The magic and black magic transmission mechanism 4. The proof of the pudding 5. Advances in technology: magic and black magic 6. Wage rates and jobs: myths and magic 7. Poverty and income inequality: myths and magic 8. International trade: magic and black magic 9. Trade deficits and jobs: economic magic 10. The Great Depression: economic black magic I 11. The Great Recession: economic black magic II 12. The pandemic: economic black magic III Bibliography Index
