Since 1988, Professor Geoffrey Wood of City University Business School has written a regular column in the Institute's Journal, Economic Affairs, in which he exposes popular economic fallacies. occasional Paper 102 is a collection of these columns which includes many of the fallacies in common circulation - for example, about the supposed dangers of free trade, about the abilities of governments to control economies, about the significance of current account deficits, about the use of fiscal policy to control inflation and about the effects of government regulation of markets. These lucid and stimulating columns are invaluable to students, struggling to master some of the complexities of economic theory and its applications, who often find that the most effective way of learning economic analysis is to see such fallacies exposed. It is a text particularly suitable for first year University students of economics which complements existing textbook by using examples to clarify fundamental concepts in economics and to demonstrate the practical uses of economic theory.
Geoffrey Wood is Emeritus Professor of Economics at City University Business School, London, and Emeritus Professor of Monetary Economics at the University of Buckingham. He has also taught at the University of Warwick, and been on the research staff of the Bank of England and the Federal Reserve Bank of St Louis. He has published extensively in the areas of monetary economics and international economics. Among these publications are Too Much Money?, with Gordon Pepper (IEA, 1975); Independence for the Bank of England?, with Forrest Capie and Terry Mills (IEA, 1993); The Right Road to Monetary Union Revisited, with John Chown and Max Beber (IEA, 1994); and Money Over Two Centuries: Selected Topics in British Monetary History (Oxford University Press, 2012), comprising work with Forrest Capie and others, written over a period of some twenty years. His recent research has been on central bank independence and on regulation. He is a member of the Academic Advisory Council of the Institute of Economic Affairs and a trustee of the Wincott Foundation.