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The zero-sum fallacy
Thomas Sowell Many individual fallacies in economics are founded on the larger, and usually implicit, fallacious assumption that economic transactions are a zero-sum process, in which what is gained by someone is lost by someone else. But voluntary economic transactions -- whether between employer and employee, tenant and landlord, or international trade -- would not continue to take place unless both parties were better off making these transactions than not making them.

 - Thomas Sowell, Economic Facts and Fallacies: Second Edition

Tags:   economics  money  trade  wealth