Pitfalls in Economic Thinking

One of the main functions of a government is to sustain all its population at or above the prosperity level which expresses the feasible material standard of living that an economy can provide. Governments failed to realize prosperity. Financial distress is increasing. Corruptions are going on around the world. Poor is becoming poorer. Living standard of middle class is declining. Relatively small number of individuals and corporations are controlling huge pools of capital. Public debt is increasing. Confidence in currencies is deteriorating.

In order that an organized body of knowledge might be classified as science, its hypothetical law must be based on facts. Unlike any other social science, fallacies are the root of the technique of thinking in economics. It is time to change.

This book aims to discuss in simple wording each of the factors that causes the failure of the present economic systems to realize prosperity, highlight the pitfalls in economic thinking, and introduce an alternative fair economic system that would reflect fair economy and advance the needs of humanity as a whole.