fifty economic fallacies exposed

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1、FiftyEconomicFallaciesExposedFiftyEconomicFallaciesExposedGEOFFREYE.WOODTheInstituteofEconomicAffairsFirstpublishedinGreatBritainin2002byTheInstituteofEconomicAffairs2LordNorthStreetWestminsterLondonsw1p3lbinassociationwithProfileBooksLtdCopyright©TheInstituteofEconomicAffairs2

2、002Themoralrightoftheauthorhasbeenasserted.Allrightsreserved.Withoutlimitingtherightsundercopyrightreservedabove,nopartofthispublicationmaybereproduced,storedorintroducedintoaretrievalsystem,ortransmitted,inanyformorbyanymeans(electronic,mechanical,photocopying,recordingorothe

3、rwise),withoutthepriorwrittenpermissionofboththecopyrightownerandthepublisherofthisbook.ACIPcataloguerecordforthisbookisavailablefromtheBritishLibrary.isbn0255365187ManyIEApublicationsaretranslatedintolanguagesotherthanEnglishorarereprinted.Permissiontotranslateortoreprintshou

4、ldbesoughtfromtheGeneralDirectorattheaddressabove.TypesetinStonebyMacGuruinfo@macguru.org.ukPrintedandboundinGreatBritainbyHobbsthePrintersCONTENTSTheauthor9Foreword11Acknowledgements13Introduction171Regulationandmarkets19Tickettoutsareharmfulandwicked.Theyshouldbestampedoutby

5、law21Theconductofanindustry–inparticular,howitservesconsumers–isimprovedbygovernmentregulation23Thestateshouldstepintoprotecttheenvironment25Firmsshouldnotmakeprofits272Internationaltrade31Onecountryshouldnotcutitstariffsunlessothersdo33Freetradeshouldbefair35Freetradecausesune

6、mployment38Thecountryshouldbemorecompetitive423Internationalfinance45Foreignexchangespeculationshouldbestopped47Acurrentaccountdeficitisaproblem49EMUwilleliminateturbulenceintheERM52Interestratesandexchangerates55Britainshouldjointheeuroatthe‘correct’exchangerate584Inflation61Rai

7、singinterestratescausesinflation63Creditcontrolsarebetterthaninterestrates65Creditcontrols–dotheywork?67Devaluationcausesinflation70Pricerisesaboveinflationarebad72Relativepricechangescanbeignored75Government-imposedpriceriseshaveworsenedinflation78Controllingpricescontrolsinflatio

8、n81Inflation,realvaluesand‘governmentmoney’84Confusionaboutinfl