E. J. Mishan, an iconoclastic economist who has taught at such schools as the London School of Economics and the New School for Social Research, is in this volume a provocateur, smashing staunchly held beliefs of the right (free trade and common markets are good for the economy), and the left (local jobs are always lost when factories close down, pay disparity between men and women signifies discrimination). He also pokes holes in the accepted wisdom held by all, arguing for example that economic growth "does not" necessarily improve lives. Those who believe the fallacies Mishan exposes to the light of reason in this book are, however, neither ignorant nor careless. The fallacies are all plausible, and intelligent people can be forgiven for believing them. Mishan simply wants readers to see these thirteen popular, persistent fallacies for what they are: Humbug.

Mishan's scintillating text is apolitical. In arguing that immigration does not benefit a country's economy, for example, he is not arguing in favor of restricting immigration. Rather, his goal is to test the assumptions behind the dearly held positions of both the left and the right or to expose what he calls the breathtaking fatuity that counts as wisdom these days. Mishan wants to interject common sense and logic into today's debates over the economy and, especially, the political arguments that translate into legislation that has a negative impact on people.

Mishan's ideas breathe new life into debates gone stale by ideology. As he notes, the fallacies in this volume travel in the highest circles, from debates in Congress to the pages of the "Wall Street Journal," "Time," and "The Economist." Most are things everybody knows. He hopes, therefore, to expose the concerned citizen to the shock-treatment of discovering that much of what passes for conventional economic wisdom is in fact fallacious. As the "Economist" pointed out in its glowing review of the first edition of this book, Dr. Mishan has written the perfect book for anyone wishing to start the study of economics.

First published in 1967, "The Costs of Economic Growth" was based on the central conviction that the official figures for growth in real income were entirely compatable with a decline in human welfare. Twenty-five years later, this work remains the most persuasive and systematic demolition of the religion of growth yet published, its arguments only reinforced by the growing social and environmental problems of the late twentieth century. For this new edition, the text has been revised and updated in the light of recent global perils and environmental degradation.

This book, which was first published in 1972, is not a collection of case-studies in cost-benefit analysis, of which there had been already several in use employing techniques of varying degrees of sophistication. Nor is it a manual of instruction with particular orientation for less developed counties, such as those produced under the auspices of the U.N. and the O.E.C.D. What this volume does attempt is to introduce the student of economics to the logic and the concepts used in cost-benefit analysis.

This book, which was first published in 1972, is not a collection of case-studies in cost-benefit analysis, of which there had been already several in use employing techniques of varying degrees of sophistication. Nor is it a manual of instruction with particular orientation for less developed counties, such as those produced under the auspices of the U.N. and the O.E.C.D. What this volume does attempt is to introduce the student of economics to the logic and the concepts used in cost-benefit analysis.

First published in 1986, Economic Myths and the Mythology of Economics is a polemical study in which the author focuses on the popular myths and misconceptions that colour our understanding of economic issues. Professor Mishan, the internationally recognised economist and expert in the field of resource allocation and cost benefit analysis, undermines the idea that economics is a science. But such are popular myths, he argues, that governments employ battalions of economists in their ongoing attempts to promote economic growth, efficiency and employment. The author challenges the validity and measurement of such concepts as economic efficiency and GNP, and questions the assumption that free competitive markets can operate effectively in a rapidly changing, high-technology society. Professor Mishan foresees in his study further expansion as an unavoidable consequence of continued innovation, while revealing the interconnecting processes by which innovative activity, designed to raise living standards, has begun to erode the moral and psychological foundations of a viable and libertarian society.

First published in 1980, Pornography, Psychedelics And Technology: Essays on the Limits to Freedom focuses on the crucial connections between technological growth and the more salient features of social malaise in the latter part of the twentieth century. Professor Mishan is one of the few economists absorbed by the larger social questions, and does not believe that the growth in state intervention and the decline of social liberty are simply the result of intellectual confusion and bureaucratic momentum. He sees them as unavoidable consequences of scientific and technical progress. While agreeing with many of his fellow economists in acknowledging the virtues of a competitive market economy, Professor Mishan is acutely aware of its limitations. Following the growth of self-styled liberation movements, seen as manifestations of a move towards a world of greater individual emancipation and fulfilment, the author nevertheless groups such movements together with the rising indices of violence, suicide, family breakdown and hooliganism, which have become indicative of a growing disorientation and social disintegration. These developments and the hazards they entail, however, are bound up with the rapid scientific and technological progress of the post-war world.

First published in 1982, this is a clear and concise introduction to the normative aspects of economics by one of the world's leading authorities on the subject. Professor Mishan takes the student to the heart of the subject without recourse to algebra and with only the simplest of diagrams.

First published in 1981, Professor Mishan's Economic Efficiency and Social Welfare: Selected Essays on Fundamental Aspects of the Economic Theory of Social Welfare is a collection of 22 pioneering essays written while the author was teaching at the London School of Economics and chosen to indicate landmarks in the development of his own thought. Professor Mishan, who also enjoys an international reputation as a popular writer on the impact of modern economic growth on social welfare, is among the foremost authorities in the field of resource allocation, and his influence in his subject area has been profound. Mishan's essays, while generally accessible to the layman due to the author's lucidity, his economy in the use of mathematical notation and his concern with perspective, are invaluable reading for the economics undergraduate. The essays are particularly relevant to upper level students of project appraisal, welfare economics and cost benefit analysis requiring a coherent survey of their field of study.

First published in 1982, Introduction to Political Economy is a clear and concise introduction to the normative aspects of economics by one of the world 's leading authorities on the subject. In this highly readable book, Professor Mishan takes the student to the heart of the subject without recourse to algebra and with only the simplest of diagrams. The author carefully distinguishes the various meanings of the terms political economy, normative economics, welfare economics and allocative economics. He considers the standard allocation rules and the crucial concepts of consumer surplus and rent, which are so important to cost-benefit analysis, while then going on to resolve the paradoxes of the efficiency criterion. Lastly, Professor Mishan assesses both the social worth of radical conservatism, which is associated with the Chicago School of Economics, and the relevance of the modern theory of welfare economics to social welfare.

First published in 1981, Professor Mishan 's Economic Efficiency and Social Welfare: Selected Essays on Fundamental Aspects of the Economic Theory of Social Welfare is a collection of 22 pioneering essays written while the author was teaching at the London School of Economics and chosen to indicate landmarks in the development of his own thought. Professor Mishan, who also enjoys an international reputation as a popular writer on the impact of modern economic growth on social welfare, is among the foremost authorities in the field of resource allocation, and his influence in his subject area has been profound. Mishan 's essays, while generally accessible to the layman due to the author 's lucidity, his economy in the use of mathematical notation and his concern with perspective, are invaluable reading for the economics undergraduate. The essays are particularly relevant to upper level students of project appraisal, welfare economics and cost benefit analysis requiring a coherent survey of their field of study.

First published in 1980, Pornography, Psychedelics and Technology: Essays on the Limits to Freedom focuses on the crucial connections between technological growth and the more salient features of social malaise in the latter part of the twentieth century. Professor Mishan is one of the few economists absorbed by the larger social questions, and does not believe that the growth in state intervention and the decline of social liberty are simply the result of intellectual confusion and bureaucratic momentum. He sees them as unavoidable consequences of scientific and technical progress. While agreeing with many of his fellow economists in acknowledging the virtues of a competitive market economy, Professor Mishan is acutely aware of its limitations. Following the growth of self-styled liberation movements, seen as manifestations of a move towards a world of greater individual emancipation and fulfilment, the author nevertheless groups such movements together with the rising indices of violence, suicide, family breakdown and hooliganism, which have become indicative of a growing disorientation and social disintegration. These developments and the hazards they entail, however, are bound up with the rapid scientific and technological progress of the post-war world.

First published in 1986, Economic Myths and the Mythology of Economics is a polemical study in which the author focuses on the popular myths and misconceptions that colour our understanding of economic issues. Professor Mishan, the internationally recognised economist and expert in the field of resource allocation and cost benefit analysis, undermines the idea that economics is a science. But such are popular myths, he argues, that governments employ battalions of economists in their ongoing attempts to promote economic growth, efficiency and employment. The author challenges the validity and measurement of such concepts as economic efficiency and GNP, and questions the assumption that free competitive markets can operate effectively in a rapidly changing, high-technology society. Professor Mishan foresees in his study further expansion as an unavoidable consequence of continued innovation, while revealing the interconnecting processes by which innovative activity, designed to raise living standards, has begun to erode the moral and psychological foundations of a viable and libertarian society.