Definition of "fallacy" []

• A false notion. (noun)
• A statement or an argument based on a false or invalid inference. (noun)
• Incorrectness of reasoning or belief; erroneousness. (noun)
• The quality of being deceptive. (noun)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "The main fallacy is that the tax does not acknowledge the largely static nature of short term energy demand."
• "A subset of this fallacy is the pervasive view that securities trading is a zero-sum game."
• "The worst of the fallacy is the assumption that “worth” means only economic value, without any other factor interfering, and, as you note, that “worth” based on economic value in the current cultural environment somehow trumps any other consideration."