Last Word: Pitfalls to Sound Economic Reasoning Sierra Edmister
Due April 27, 2017
Microeconomics
Throughout my reading of the microeconomics book for this class, the most valuable Last Word
for me was the first one that explained the difficulty of us accurately and objectively thinking about
different economic issues. I enjoyed reading about the different kinds of misunderstandings of economic
situations which were biases, loaded terminology, fallacy of composition, post hoc fallacy, and
correlation but not causation. Reading these helped me understand different economic situations in which
things were misinterpreted by either the media or just common belief and helped me, since I read it, to
better understand the economic situations that I hear about.
In my reading of the biases section, I really could learn about how preconceived ideas can
influence people’s views on different issues, especially the government. On many occasions, people have
biased opinions about economic issues which will make them closed off to any other ideas. The book
