Fallacy 1 : U.S. goods cannot compete effectively with those produced by cheap labor in countries such as China -- Fallacy 2 : Immigrant labor confers economic benefits on the host country -- Fallacy 3 : Globalization acts to raise living standards in the West -- Fallacy 4 : Countries forming a...

The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in...