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This insightful and comprehensive book uses theoretical and empirical studies to debunk contemporary illusions about the functionality of economies and examines the phenomena of economic magic and economic black magic. Norman C. Miller considers 11 economic myths, three of which are the theory that excessive imports reduce employment as firms are forced to downsize or shut down, that a more equal distribution of income kills incentives and reduces economic growth rates and the myth that a higher minimum wage always generates a net decrease in employment.
This Modern Guide explores central ideas, concepts, and themes in the Austrian school of economics, with a focus on how they, and with them the overall theory, have evolved over recent decades. Leading scholars offer their insights into potential directions of future research in the field, pointing towards contemporary debates and their potential conclusions, underdeveloped aspects and extensions of theory, and current applications of interest.
