What are Economic fallacies?
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1. The fallacy of collective terms.
2. The fallacy of composition.
3. The fallacy of “money is wealth.”
4. The fallacy of production for its own sake.
5. The fallacy of the “free lunch.”
2. The fallacy of composition.
3. The fallacy of “money is wealth.”
4. The fallacy of production for its own sake.
5. The fallacy of the “free lunch.”
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Fallacies are statements that are not consistent with what is known for fact. The knowledge about what is consistent with fact and what is not consistent with fact developed into a science of “thinking”.
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