ECONOMIC MYTHS AND MAGIC
Debunking the Illusions of Conventional Economic Thinking
Economy & Politics
Norman C. Miller
Norman C. Miller is Professor of International Economics and Finance at Farmer School of Business, Miami University, US. He specializes in International Finance and Open Economy Macroeconomics. He has published six books and a huge number of scholarly articles, including papers in leading journals such as: American Economic Review, Journal of International Money and Finance, and Quarterly Journal of Economics.
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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.
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.
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
11. The Great Recession: economic black magic
12. The pandemic: economic black magic