Image by Jeremy Brooks via Flickr
by Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
September 23, 2013
Part F in the Insider’s Economic Dictionary.
Factoid: A hypothesis, rumor or story so consonant with peoples’ preconceptions that it is accepted as a fact or working assumption, even though it often is made up a priori. Among the most notorious examples are the ideas of diminishing returns, equilibrium, that privatized ownership is inherently more efficient than public management, and that trickle-down economics works. (See Junk Science.)
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