Famous fables of economics

"Famous Fables of Economics critiques some of our most cherished stories of market failure. Economists have used these colorful myths to justify a wide range of public policy interventions in the economy, from public provision of goods and services, to economic regulation of industry, to antitrust actions against major corporations. Despite their blatant factual inaccuracies, the appeal of these fables to economic, law, and management academics continues undiminished - the fables are persistently repeated in countless classrooms, textbooks, and academic seminars. Among the fables critiqued here are the lighthouse, the keyboard, the bees and the orchard, General Motors' acquisition of Fisher Body, the learning curve, the Liberty ships, and tulip mania. This controversial book contains a number of articles that explore the mythical nature of some of economists' most cherished stories. It provides an amusing look at economic thought that is accessible to general readers, students, professionals, and academics, and raises questions about the role of the government in society." "The "moral" of these articles is that economic analysis of market efficiency should rely on systematic analysis, not casual anecdotes."--BOOK JACKET.