--- title: "Meaning & Key Takeaway of: Economics is haunted by more fallacies…" description: "\"Economics is haunted by more fallacies than any other study known to man\" — Henry Hazlitt" image: "https://sms4smile.com/quotes/i/09c/henry-hazlitt-2839_economics_economics-is-haunted-by-more-fallacies-t_1404905.jpg" --- # Economics is haunted by more fallacies than any other… ![“Economics is haunted by more fallacies than any other study known to man” quote by Henry Hazlitt](https://sms4smile.com/quotes/i/09c/henry-hazlitt-2839_economics_economics-is-haunted-by-more-fallacies-t_1404905.jpg) [Download](https://sms4smile.com/quotes/i/09c/henry-hazlitt-2839_economics_economics-is-haunted-by-more-fallacies-t_1404905.jpg) [Open image](https://sms4smile.com/quotes/i/09c/henry-hazlitt-2839_economics_economics-is-haunted-by-more-fallacies-t_1404905.jpg) > “Economics is haunted by more fallacies than any other study known to man” [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Economics is riddled with false beliefs that distort understanding and policy. **In simple terms:** Economics has many false ideas. Key Takeaway Question assumptions in economic arguments. Themes economics logic biases Mood skeptical analytical Type critical educational When to use this quote - policy making - investment decisions - academic study - public discourse Key Concepts cognitive bias misinformation Questions to Reflect On - What common economic fallacy do you encounter most? - How can we test economic theories for hidden biases? A Different Perspective Even accurate data can be misinterpreted without critical thinking. ★ ★ ★ ★ ★ No ratings yet [Economics](https://sms4smile.com/quotes/about/economics/) [Fallacies](https://sms4smile.com/quotes/about/fallacies/) [Fallacy](https://sms4smile.com/quotes/about/fallacy/) [Men](https://sms4smile.com/quotes/about/men/) ## Related quotes > [Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would…](https://sms4smile.com/quotes/henry-hazlitt/economics-is-haunted-by-more-fallacies-than-any-other-study-known-to/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [“Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would…](https://sms4smile.com/quotes/henry-hazlitt/economics-is-haunted-by-more-fallacies-than-any-other-study-known-to-3/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [“Few fallacies are more dangerous or easier to fall into than that by which, having read a given book, we assume that we will…](https://sms4smile.com/quotes/robert-grudin/few-fallacies-are-more-dangerous-or-easier-to-fall-into-than-that-by/) [Robert Grudin](https://sms4smile.com/quotes/author/robert-grudin/) > [Leaving prices out of the picture is probably the source of more fallacies in economics than any other single misconception.](https://sms4smile.com/quotes/thomas-sowell/leaving-prices-out-of-the-picture-is-probably-the-source-of-more/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [The most ominous of fallacies - the belief that things can be kept static by inaction](https://sms4smile.com/quotes/freya-stark/the-most-ominous-of-fallacies-the-belief-that-things-can-be-kept/) [Freya Stark](https://sms4smile.com/quotes/author/freya-stark/) > [“Death would not surprise us as often as it does, if we let go of the misbelief that newborns are less mortal than the…](https://sms4smile.com/quotes/mokokoma-mokhonoana/death-would-not-surprise-us-as-often-as-it-does-if-we-let-go-of-the/) [Mokokoma Mokhonoana](https://sms4smile.com/quotes/author/mokokoma-mokhonoana/) > [One of the most persistent fallacies about the Christian Church is that it kept learning alive during the Dark and Middle Ages. What the…](https://sms4smile.com/quotes/margaret-e-knight/one-of-the-most-persistent-fallacies-about-the-christian-church-is/) [Margaret E. Knight](https://sms4smile.com/quotes/author/margaret-e-knight/) > [It is a fearful mistake for us to neglect the study of the Bible to investigate theories that are misleading, diverting minds from the…](https://sms4smile.com/quotes/ellen-g-white/it-is-a-fearful-mistake-for-us-to-neglect-the-study-of-the-bible-to/) [Ellen G. White](https://sms4smile.com/quotes/author/ellen-g-white/) > [Fallacies do not cease to be fallacies because they become fashions.](https://sms4smile.com/quotes/anonymous/fallacies-do-not-cease-to-be-fallacies-because-they-become-fashions/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [If fallacies come knocking at my door,I'd rather feed, and shelter full a score,Than hide behind the black portcullis, doubt,And run the risk of…](https://sms4smile.com/quotes/ella-wheeler-wilcox/if-fallacies-come-knocking-at-my-door-i-d-rather-feed-and-shelter/) [Ella Wheeler Wilcox](https://sms4smile.com/quotes/author/ella-wheeler-wilcox/) > [“Any proposition containing the word "is" creates a linguistic structural confusion which will eventually give birth to serious fallacies.”](https://sms4smile.com/quotes/alfred-korzybski/any-proposition-containing-the-word-is-creates-a-linguistic/) [Alfred Korzybski](https://sms4smile.com/quotes/author/alfred-korzybski/) > [Metaphysical fallacies contain the only clues we have to what thinking means to those who engage in it.](https://sms4smile.com/quotes/hannah-arendt/metaphysical-fallacies-contain-the-only-clues-we-have-to-what/) [Hannah Arendt](https://sms4smile.com/quotes/author/hannah-arendt/) > [“The arrow of time obscures memory of both past and future circumstance with innumerable fallacies, the least trivial of which is perception.”](https://sms4smile.com/quotes/ashim-shanker/the-arrow-of-time-obscures-memory-of-both-past-and-future/) [Ashim Shanker](https://sms4smile.com/quotes/author/ashim-shanker/) > [At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained…](https://sms4smile.com/quotes/thomas-sowell/at-least-half-of-the-popular-fallacies-about-economics-come-from/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [Since the time of Plato and Aristotle philosophers have had an interest in taking note of common fallacies in reasoning.](https://sms4smile.com/quotes/randal-marlin/since-the-time-of-plato-and-aristotle-philosophers-have-had-an/) [Randal Marlin](https://sms4smile.com/quotes/author/randal-marlin/) ## More by Henry Hazlitt > [It is often sadly remarked that the bad economists present their errors to the public better than the good economists present their truths. It…](https://sms4smile.com/quotes/henry-hazlitt/it-is-often-sadly-remarked-that-the-bad-economists-present-their/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [“This is perhaps as good a place as any to point out that what distinguishes many reformers from those who cannot accept their proposals…](https://sms4smile.com/quotes/henry-hazlitt/this-is-perhaps-as-good-a-place-as-any-to-point-out-that-what/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [Government can't give us anything without depriving us of something else.](https://sms4smile.com/quotes/henry-hazlitt/government-can-t-give-us-anything-without-depriving-us-of-something/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [When the government makes loans or subsidies to business, what it does is to tax successful private business in order to support unsuccessful private…](https://sms4smile.com/quotes/henry-hazlitt/when-the-government-makes-loans-or-subsidies-to-business-what-it-does/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [“The analysis of our illustrations has taught us another incidental lesson. This is that, when we study the effects of various proposals, not merely…](https://sms4smile.com/quotes/henry-hazlitt/the-analysis-of-our-illustrations-has-taught-us-another-incidental/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [There is a profound contrast between the effects of foreign aid and of voluntary private investment: foreign aid goes from government to government. It…](https://sms4smile.com/quotes/henry-hazlitt/there-is-a-profound-contrast-between-the-effects-of-foreign-aid-and/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [The mounting burden of taxation not only undermines individual incentives to increased work and earnings, but in a score of ways discourages capital accumulation…](https://sms4smile.com/quotes/henry-hazlitt/the-mounting-burden-of-taxation-not-only-undermines-individual/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [Multiculturalism means your kid has to learn some wretched tribal dirge for the school holiday concert instead of getting to sing 'Rudolph the Red-Nosed…](https://sms4smile.com/quotes/henry-hazlitt/multiculturalism-means-your-kid-has-to-learn-some-wretched-tribal/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [It is possible to increase paper-money income to any amount by debasing the currency. But real income can only be increased by working harder…](https://sms4smile.com/quotes/henry-hazlitt/it-is-possible-to-increase-paper-money-income-to-any-amount-by/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [Inflation makes the extension of socialism possible by providing the financial chaos in which it flourishes. The fact is that socialism and inflation are…](https://sms4smile.com/quotes/henry-hazlitt/inflation-makes-the-extension-of-socialism-possible-by-providing-the/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [“the desperate need to get back to normal housing and other living conditions stimulated increased efforts. But this does not mean that property destruction…](https://sms4smile.com/quotes/henry-hazlitt/the-desperate-need-to-get-back-to-normal-housing-and-other-living/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [Yet it ought to be clear that a minimum wage law is, at best, a limited weapon for combatting the evil of low wages,…](https://sms4smile.com/quotes/henry-hazlitt/yet-it-ought-to-be-clear-that-a-minimum-wage-law-is-at-best-a-limited/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [“It is a misconception to think of the function or result of machines as primarily one of creating jobs . The real result of…](https://sms4smile.com/quotes/henry-hazlitt/it-is-a-misconception-to-think-of-the-function-or-result-of-machines/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [A certain amount of taxes is of course indispensable to carry on essential government functions. Reasonable taxes for this purpose need not hurt production…](https://sms4smile.com/quotes/henry-hazlitt/a-certain-amount-of-taxes-is-of-course-indispensable-to-carry-on/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [A vital function of the free market is to penalize inefficiency and misjudgment and to reward efficiency and good judgment. By distorting economic calculations…](https://sms4smile.com/quotes/henry-hazlitt/a-vital-function-of-the-free-market-is-to-penalize-inefficiency-and/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) [Explore all 148 Henry Hazlitt quotes ](https://sms4smile.com/quotes/author/henry-hazlitt/) ## More Economics quotes > [Don't let's lose sight of what creates wealth. It is open markets, it is capitalism.](https://sms4smile.com/quotes/rupert-murdoch/don-t-let-s-lose-sight-of-what-creates-wealth-it-is-open-markets-it/) [Rupert Murdoch](https://sms4smile.com/quotes/author/rupert-murdoch/) > [Crony capitalism is essentially a condition in which... public officials are giving favours to people in the private sector in payment of political favours.](https://sms4smile.com/quotes/alan-greenspan/crony-capitalism-is-essentially-a-condition-in-which-public-officials/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [Our biggest challenge is to eliminate the popular perception that economists don't have anything useful to say.](https://sms4smile.com/quotes/mark-zandi/our-biggest-challenge-is-to-eliminate-the-popular-perception-that/) [Mark Zandi](https://sms4smile.com/quotes/author/mark-zandi/) > [Advances in technology will continue to reach far into every sector of our economy. 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It is about the power of the state as applied to individuals,…](https://sms4smile.com/quotes/kevin-rudd/politics-is-about-power-it-is-about-the-power-of-the-state-it-is/) [Kevin Rudd](https://sms4smile.com/quotes/author/kevin-rudd/) > [Having an economy that works for the 99% is achievable.](https://sms4smile.com/quotes/winnie-byanyima/having-an-economy-that-works-for-the-99-is-achievable/) [Winnie Byanyima](https://sms4smile.com/quotes/author/winnie-byanyima/) > [“a select group of high-performing companies have managed to close the strategy-to-performance gap through better planning and execution. These companies—Barclays, Cisco Systems, Dow Chemical,…](https://sms4smile.com/quotes/michael-c-mankins/a-select-group-of-high-performing-companies-have-managed-to-close-the/) [Michael C. Mankins](https://sms4smile.com/quotes/author/michael-c-mankins/) > [The system of private property is the most important guaranty of freedom, not only for those who own property, but scarcely less for those…](https://sms4smile.com/quotes/friedrich-august-von-hayek/the-system-of-private-property-is-the-most-important-guaranty-of/) [Friedrich August von Hayek](https://sms4smile.com/quotes/author/friedrich-august-von-hayek/) > [Economists think about what people ought to do. Psychologists watch what they actually do.](https://sms4smile.com/quotes/daniel-kahneman/economists-think-about-what-people-ought-to-do-psychologists-watch/) [Daniel Kahneman](https://sms4smile.com/quotes/author/daniel-kahneman/) > [The politician attempts to remedy the evil by increasing the very thing that caused the evil in the first place: legal plunder.](https://sms4smile.com/quotes/frederic-bastiat/the-politician-attempts-to-remedy-the-evil-by-increasing-the-very/) [Frederic Bastiat](https://sms4smile.com/quotes/author/frederic-bastiat/) > [“Economists have a singular method of procedure. There are only two kinds of institutions for them, artificial and natural. 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