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Lawrence H. Summers, the former treasury secretary under President Bill Clinton and an economic adviser to President Obama, makes the point more broadly, arguing that one key to successful policy making is to avoid the so-called fallacy of composition, in which what hurts or helps one actor does not necessarily produce the same effect when everyone does it.

Mr Sanders’ plans tend to suffer from a fallacy of composition.

What we are witnessing is economic policy based on the fallacy of composition.

Thus, in this case, the logic of the micro does not extend to the macro and believing otherwise is a fallacy of composition.

It’s the fallacy of composition.