In this speech, Joseph Heath, the author of four bestselling books, discusses common fallacies about the modern economy. Joseph Heath believes that economics is an area that fosters a wide range of fallacies that often lead individuals to engage in fallacious patterns of reasoning and behavior.
Joseph Heath uses the concept of a transaction to shed light on the naive understandings possessed by so many today. He notes that people too often dismiss or forget the fact that a transaction consists of two parties, namely the seller and the buyer. He explains how people should be much more aware of the implications this presents; there is always a rationale behind someone wanting to buy or sell a stock. He identifies this as a fact that is very commonly overlooked in international trade, and urges society to become more economically literate.