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Spring 2014
ISSN 0890-913X
Volume 29, Number 2

Fixing Fallacies

Adam Hoffer, University of Wisconsin La Crosse
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FixingFallaciesTheJournalofPrivateEnterprise29(2),2014,141147AdamHofferUniversityofWisconsinLaCrosse______________________________________________________AbstractNow,perhapsmorethanever,studentsentereconomicscourseswithaperceivednotionofhowtheeconomyfunctions.Historicbailouts,TheGreatRecession,”debtceilingdebates,thefiscalcliff,”andperpetualpoliticalcampaignshaveputeconomicissuesattheforefrontofmediacoverageintheUnitedStates.Often,studentsformulatetheireconomicperceptionsbasedonbiasedpublicopinionsormisleadingstatistics.Economicsprofessors,therefore,havetheaddedtaskofcorrectingfallaciesthatstudentsbringwiththemintotheclassroom.ThispaperpresentsanapproachforfixingmajorfallaciesutilizingThomasSowellsEconomicFactsandFallacies.______________________________________________________JELCodes:A20,A22,D83Keywords:Fallacies,Facts,Misperceptions,Economiceducation,TeachingI.IntroductionThegreatestenemyofknowledgeisnotignorance;itistheillusionofknowledge.StephenHawkingDespitethenumerousadvancesandinnovationsinthefieldofeconomicseducation,fewpedagogicalapproacheshavefocusedoncorrectingthemisperceptionsandfallaciesthatstudentspossessuponenteringtheclass.Now,perhapsmorethanever,studentsenterevenaprinciples-levelclasswithaperceivednotionofhowtheeconomyworks.Historicbailouts,TheGreatRecession,”debtceilingdebates,budgetbattles,theEuropeandebtcrisis,thefiscal141
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