Nobel Laureate William Vickrey outlines the various fallacious analogies trotted out by neo-liberals and economically illiterates in government and the press. Why are we entrapped by these seemingly compelling narratives when they do not even make sense given our lived experience? for example, we know that it makes good sense to borrow if we want to grow a business or buy a home but we are sold anti-deficit narratives in the guise of a sensible book balancing metaphor.
Fifteen Fatal Fallacies of Financial Fundamentalism
A Disquisition on Demand Side Economics October 5, 1996