What is true of various economic sectors may be untrue of the broader economy. The “fallacy of composition” is the mistaken assumption that what applies to a part applies automatically to the whole. If an industry experiences massive reductions in employment, people extrapolate this out to the entire economy. However, the unemployment level in the economy may be at an all-time low. Similarly, government intervention can create 10,000 jobs in one industry, subsequently causing a loss of 15,000 jobs elsewhere.