In a striking development, the economics profession, government and the media can now produce economic fallacies at a more rapid rate than at any time in the post-war period. The production of economic fallacies is now so great that they are being produced more quickly than they can be consumed. There are three sectors of the economy that produce most fallacies: government, the economics profession, and the media. By some estimates, economists' rate of productivity in turning out fallacies has doubled in the last five years, with government and the media close behind. This "productivity miracle" is believed to be … Continue reading Bust Produces Glut