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Review of Economic Facts and Fallacies Peter F Economics Publications Economics 2009 Review of Economic Facts and Fallacies Peter F. Orazem Iowa State University, [email protected] Follow this and additional works at: http://lib.dr.iastate.edu/econ_las_pubs Part of the Economic Theory Commons, and the Sociology Commons The ompc lete bibliographic information for this item can be found at http://lib.dr.iastate.edu/ econ_las_pubs/267. For information on how to cite this item, please visit http://lib.dr.iastate.edu/ howtocite.html. This Book Review is brought to you for free and open access by the Economics at Iowa State University Digital Repository. It has been accepted for inclusion in Economics Publications by an authorized administrator of Iowa State University Digital Repository. For more information, please contact [email protected]. (FRQRPLF)DFWVDQG)DOODFLHV UHYLHZ 3HWHU)2UD]HP 7KH5HYLHZRI+LJKHU(GXFDWLRQ9ROXPH1XPEHU6SULQJSS 5HYLHZ 3XEOLVKHGE\-RKQV+RSNLQV8QLYHUVLW\3UHVV '2, KWWSVGRLRUJUKH )RUDGGLWLRQDOLQIRUPDWLRQDERXWWKLVDUWLFOH KWWSVPXVHMKXHGXDUWLFOH Access provided by Iowa State University (1 Nov 2016 21:10 GMT) BOOK R EVIEWS 431 He makes the case for specific replications of Thomas Sowell. Economic Facts and Fallacies. the Value Project at a hypothetical medical college, New York: Basic Books, 2007. 272 pp. Cloth: a law school, and a business school. Among the $26.00. ISBN: 978-0465003495. reasons why the Values Project succeeded at Le Moyne (a) it has a small faculty; (b) a strong sense REVIEW BY PE T E R F. OR AZEM , UNIVE R SI T Y PR OFESSO R of common purpose and mission permeates the OF ECONOMICS , IOWA ST A T E UNIVE R SI T Y school; and (c) to a substantial degree, values are already shared across the institution. Many colleges The latest book by prolific author Thomas Sowell, also have those characteristics, and professional the Rose and Milton Friedman Senior Fellow schools like those Kirby discusses have them also, at Stanford University’s Hoover Institution, has to an extent. two aims: to provide a list of widely held but However, to replicate the “grassroots” forma- demonstrably false economic beliefs and then to tion of the Values Project at Le Moyne would be demonstrate their invalidity using hard facts. These daunting—almost impossible—at the typical economic beliefs come in six areas: the economics public university with an overworked faculty, a col- of cities, differences between men and women, lective bargaining agreement, and some classes that differences among races, higher education, income number 400 students. Influencing student values inequality, and developing economies. He deals in an environment that may feel impersonal to with each topic in a separate chapter. students is hard to imagine. At such an institution, The opening chapter lays out four fallacies: motivating faculty to engage an enterprise like the the zero-sum fallacy, the fallacy of composition, Value Project would be very difficult, and motivat- the chess piece fallacy, and the open-ended fal- ing students may well be even harder. lacy. The chess piece fallacy is never mentioned Also, in many institutional environments re- again, and the other three appear in only a single sources, are scarce for such activity. The investment chapter each. If this typology of fallacies were of human capital may be challenging enough, useful, it would have been more important to the but locating funds for implementing the project subsequent discussion. Instead, the introductory could be impossible at some institutions. Kirby chapter seems strangely irrelevant to the under- acknowledges the challenge of finding resources standing of what follows. and devotes an entire chapter to Le Moyne’s ap- The other failing of the introduction is that it proach, but much of what he describes would be does not lay out a common template for evaluat- very hard to replicate at a different type of institu- ing these fallacies. As a result, the presentation of tion, particularly a public one. the fallacious beliefs and even the quality of the Another key characteristic of Le Moyne College evidence varies greatly across the chapters. that significantly facilitated the implementation of The best of the chapters deals with income the Values Project is its affiliation with the Society distribution. The beliefs to be tested are clearly of Jesus. The Jesuit philosophy of education is enumerated at the start of the chapter, includ- unique, and the 28 Jesuit colleges and universi- ing the loss of the American middle class to the ties in the United States are committed to values purported excess compensation of failed CEOs formation. They engage in discussions of the real at the expense of stockholders and customers. values challenges that our society faces. The source of the incorrect beliefs is also clearly Kirby references the assessment approach demonstrated: income stagnation is exaggerated for the Values Project several times and cites an by using household income because the average upcoming publication by a Le Moyne colleague size of household has decreased even though focused on assessment strategies and outcomes of per capita incomes have risen quite dramatically. the project. It would have been useful had Kirby Income inequality is exaggerated because a ris- mentioned some of the salient student outcomes ing share of the population includes the retired or effects of the project, if he had been able to do elderly who have little income but substantial so without compromising his colleague’s work. wealth. The vanishing middle class is shown to The presentation of strong evidence of the Values be a statistical artifact of rising median incomes. Project’s results would likely be the best motivation Golden parachutes for unsuccessful CEOs are paid for readers to try to replicate it. precisely because it is worth so much to get them On the whole, Compass for Uncharted Lives out of the firm. This chapter is clear, engaging, and makes a very good contribution to the literature tightly argued. Unfortunately, these adjectives do that is associated with applied values education in a not apply to all the chapters. college or university setting. It is practical and par- The weakest chapter deals with higher educa- ticularly useful for those wishing to replicate the tion, the topic of greatest interest to the readership Values Project in the right institutional setting. of this publication. The chapter is a compilation of loosely connected thoughts which may or may not be fallacies. The only explicitly stated fallacy 432 THE REVIEW OF HIGHER EDUCA T ION SPRING 2009 is that an Ivy League education is necessary for prising sources of inspiration. One cannot help success. Is this a widely held belief? Or would it but be charmed by discussions on urban sprawl be more precisely stated that Americans believe that cite the Duke of Wellington, Pete Seeger, and an Ivy League education can contribute to success? Queen Elizabeth I. Nevertheless, the greatest frus- Evidence purporting to illustrate the inaccuracy tration is that Sowell did not clearly state the falla- of this fallacy is limited to a statement that only cies in every chapter and then did not use the best 4 executives of the 50 largest U.S. corporations evidence economists have to offer to demonstrate have an Ivy League education. This assertion their invalidity. As a result, even though I am sym- ignores the math: If the Ivy League is responsible pathetic to almost all of his conclusions, I am not for 8% of CEOs of these largest corporations, that convinced by the “facts” presented. I suspect that percentage is well above the Ivy League’s share of this assessment will be held even more strongly by all college graduates. the proponents of these fallacious economic beliefs Furthermore, it is easy to come up with other whose views might have been shaken by a more equally isolated data sets that would “prove” the judicious use of available evidence. exact opposite. For the past 20 years, the U.S. president has been an alumnus of a single Ivy League school. Four of the five losing presidential candidates over that span were also Ivy Leaguers. Donald Fisher, Kjell Rubenson, Jean Bernatchez, Moreover, there are refereed journal articles that Robert Clift, Glen Jones, Jacy Lee, Madeleine have examined the value-added of an Ivy League MacIvor, John Meredith, Theresa Shanahan, and education much more rigorously, but Sowell has Claude Trottier. Canadian Federal Policy and ignored them. Postsecondary Education. Vancouver, BC: The The rest of the chapter relies on equally unim- Centre for Policy Studies in Higher Education pressive evidence. A statement that professors rou- and Training (CHET), The University of Brit- tinely accept kickbacks for adopting textbooks cites ish Columbia, 2005. 191 pp. Available online a single unnamed sales representative. A comment at http://www.chet.educ.ubc.ca/publications/ that curricula have been rendered meaningless for Canadian_Federal_Policy.html. the convenience of the faculty is unsupported by REVIEWED BY BILLROY POWELL , SENIOR POLICY /PRO - any evidence at all. If an academic is not turned GRAM ANALYS T , T HE ON T ARIO MINIS T RY OF TRAINING , off by Sowell’s disparaging attitudes toward the COLLEGES AND UNIVERSI T IES profession’s integrity and work ethic, he or she certainly will be by Sowell’s indifference toward the quality of the “facts” produced in evidence. The monograph, Canadian Federal Policy and Of the remaining chapters, the discussion Postsecondary Education, traces the federal govern- on urban economics is the best supported. The ment’s role in policy development for postsecond- evidence that building restrictions are responsible ary education over more than the past hundred for rising housing prices is compelling. Artificial years. In addition to this history, the authors constraints on building construction are shown identify the consequences and implications associ- to particularly disadvantage the poor. The chapter ated with federal policies with a specific focus on contains such nuggets as a refutation that current the government’s difficulty in directly intervening cities are overcrowded by pointing out that the in or supporting postsecondary education.
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