Fallacy:

Is a hypothesis that has been proven false but is still accepted by many people because it appears, at first glance, to make sense.

The Fallacy of Composition

A mistaken belief that what is good for the individual is automatically good for society as a whole.

  • Eg: Clearing the trees from Crown land will be profitable for a forestry company and therefore beneficial for all Canadians
  • Eg: Taking a Co-op class worked wonders for Marco when he was in high school. Therefore all students should take Co-op in high school.

The Post Hoc Fallacy

The mistaken belief that, because it took place after event A, event B must have been caused by event A. “After this therefore because of this.”

  • Eg: On a farm, the sun rises a few minutes after the rooster crows. Therefore, the rooster’s crow must cause the sun to rise.
  • Eg: This fallacy is often apparent when a newly elected government takes credit for improving the economy. Since the economy improved after the election, the election result must have been responsible.

The Fallacy of Single Causation

A fallacy of over-simplification. Based on a false premise that a single factor or person caused a particular event to occur.

  • Eg: The stock market crash of 1929 led to the Great Depression of the 1930s.
  • Eg: Gavrillo Princip started World War One when he shot the Archduke Franz Ferdinand.
Cite this article as: William Anderson (Schoolworkhelper Editorial Team), "Basic Fallacies of Economics," in SchoolWorkHelper, 2019, https://schoolworkhelper.net/basic-fallacies-of-economics/.

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Ed Okoduwa
Ed Okoduwa
9 months ago

So helpful!