The transfer of some of the characteristics of parts to the whole comprising these parts is one of the important methods of producing new knowledge that has a wide range of applications from ordinary knowledge to scientific inference. These methods facilitate cognitive processes and reduce transaction costs of producing usefull information. However, it is neither a factual nor a logical requirement that the state or properties possessed in parts will exist exactly in the same way in the whole that is formed by these parts. While some features are preserved exactly, some of them can be differentiated. This differentiation can not be easily realised only by looking at the logical form of propositions, the factual contents of them should also be considered. If the differentiation can not be easily perceived, the fallacy of composition occures. The fallacy of composition means that it is not always possible to transfer individual characteristics exactly to the whole which is composed of those individuals. So, one must be careful in transfering information obtained from the parts to the whole. This issue has of great importance in the branches of social sciences that analyze micro and macro issues, as in the economics. The fallacy of composition in the economic thinking arises in many areas such as inflation, saving, income, borrowing, luxury consumption, hiring qualified labor force, increasing profit by lowering wages, collective bargaining without productivity increase, risk management, protectionism, devaluation, tragedy of commons and effects of population increase.