In this sequel to Twenty-One Popular Economic Fallacies (1970), Mishan (formerly, London School of Economics, UK) continues his mission of challenging incorrect economic ideas that "move in the most respectable circles," including the US congressional and executive branches and the pages of The New York Times and The Economist in a style accessible to a general audience. The ideas he seeks to debunk are: US goods cannot compete with those produced by cheap labor in countries such as China, immigrant labor confers economic benefits on the host country, globalization acts to raise living standards in the West, countries forming a common market reap economic benefits, rent controls are necessary during a housing shortage, the fact that women's earnings are significantly below those of men is evidence of discrimination, a reduction in building costs will reduce house prices, jobs are lost when a factory or business closes down and vice versa, a competitive private enterprise economy tends to produce economic efficiency, a subsidy to university education is justified since it promotes equality of opportunity and confers benefits on society as a whole, the national debt is a burden on future generations, inflation is caused by an excessive increase in the supply of money, and the rate of economic growth over time is a good index of the growth of people's satisfaction. Annotation ©2009 Book News, Inc., Portland, OR (booknews.com)