Index
- pg 3-4: Only seeing the immediate effects of any given economic policy, or only looking at its effects on one group and ignoring others gives rise to many of the fallacies plaguing the subject. It is the fallacy of overlooking secondary consequences.
- pg 4: A bad economist perceives only direct consequences, a good economist looks not only at direct consequences, but at long term and indirect consequences too.
- pg 5: “The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups”.
- pg 5: It is also an error to ignore the immediate effects of a policy.