It would be hard to find a discipline stalked by more fallacy than economics. Many large libraries could be filled with thick books laying out the myriad ways in which the truth about human action is mangled by confused individuals inside and outside the economics profession.
One of the biggest fallacies (or myths) of economics that just won’t die is the one about embargoes, or “unauthorized export.” Supposedly producers of goods and services can embargo certain buyers of same. Except that they can’t. There’s quite simply no accounting for the final destination of any good. Repeat the previous line over and over again. Frame it in the office of every economist, politician and pundit. Doing so would save us from so much mindless economic babbling and statecraft.
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