(Ebook) Economic Myths 3rd Edition by Patrick Luciani ISBN 0201614367 9780201614367

(Ebook) Economic Myths 3rd Edition by Patrick Luciani ISBN 0201614367 9780201614367

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ISBN 10: 0201614367 
ISBN 13: 9780201614367
Author: Patrick Luciani

"Economic Myths and the True Cost of Public Debt" by Giampaolo Galli challenges widely held misconceptions about how economies function, particularly concerning public finance. The book dissects common economic "myths" across various societal, political, and financial realms, such as beliefs about equality, poverty eradication, the role of government spending, trade protectionism, and the nature of financial markets. Galli aims to provide readers with a clearer, more grounded understanding of economic principles, encouraging a more rational approach to policy debates and individual financial decisions by dispelling these prevalent but often misleading notions.

(Ebook) Economic Myths 3rd Table of contents:

• Part I: The Myths of the Good Society

  • Myth 1: We Are All Equal

    • The illusion of equality in economic outcomes.

    • Inequality as a driver of economic progress.

  • Myth 2: We Can Abolish Poverty

    • The persistent nature of poverty despite economic growth.

    • Challenges in poverty eradication.

  • Myth 3: Society Needs More Public Spending

    • The debate on the optimal size of government.

    • Crowding out private investment.

  • Myth 4: We Should Pursue Economic Self-Sufficiency

    • The benefits of international trade and specialization.

    • The dangers of protectionism.

  • Myth 5: Financial Markets Are Evil

    • The essential role of financial markets in capital allocation.

    • Understanding financial crises.

• Part II: The Myths of Economic Power

  • Myth 6: A Strong State Ensures Economic Prosperity

    • The limits of state intervention.

    • The importance of institutions and rule of law.

  • Myth 7: Corporations Are Too Powerful

    • The role of competition and market dynamics.

    • Regulation and market efficiency.

  • Myth 8: Trade Unions Defend Workers' Rights

    • The impact of unions on wages and employment.

    • Labor market flexibility.

  • Myth 9: Technological Progress Creates Unemployment

    • Historical evidence of technology creating new jobs.

    • Adaptation and skills development.

  • Myth 10: We Can Control Inflation with Price Caps

    • The causes of inflation.

    • The failure of price controls.

• Part III: The Myths of Public Debt

  • Myth 11: Public Debt Is a Problem for Future Generations

    • The immediate effects of public debt.

    • Crowding out and economic distortions.

  • Myth 12: We Can Always Print More Money to Pay Debt

    • The link between money supply and inflation.

    • Hyperinflation and currency collapse.

  • Myth 13: Austerity Always Harms the Economy

    • When austerity is necessary and its short-term vs. long-term effects.

    • The role of structural reforms.

  • Myth 14: Global Institutions Are Designed to Exploit Developing Countries

    • The role of the IMF, World Bank, etc.

    • Development aid and economic growth.

  • Myth 15: We Should Always Aim for Full Employment

    • Understanding the natural rate of unemployment.

    • Trade-offs between inflation and unemployment.

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