SEVEN DEADLY ECONOMIC SINS | James Otteson, Cambridge University Press, (2021), p322
Economist James Otteson provides a thought-provoking examination of the global economy’s current state and challenges. Otteson argues that the current economic system is plagued by seven fallacies that misguide policymakers and the public.
Otteson’s seven are: 1 - The Wealth Is Zero Sum Fallacy, 2 - the Good Is Good Enough Fallacy, 3- the Great Mind Fallacy, 4- the Progress Is Inevitable Fallacy, 5- the Economics Is Amoral Fallacy, 6- The We Should Be Equal Fallacy and 7- The Markets Are Perfect Fallacy. He adds an eighth bonus fallacy in his conclusion, which he calls the I Am the World Fallacy.
Many readers will likely find some of these challenging, given their counter-factual staying power within the current culture. The narcissism and conceit that drive the Good is Good Enough, Great Minds, and We All Should Be Equal fallacy are deeply engrained within the misshapen modern mind that the reasoning and facts will find challenge in taking root. But Otteson jousts adroitly.
Schumpeter warned, “The typical citizen drops down to a lower level of mental performance as soon as he enters the political field.” This is evident. However, the more people consume content like Otteson’s treasure trove of reflections and facts, the better our grand experiment in self-rule will fare.