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How an Economy Grows and Why It Crashes
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Review
‘If you feel you want to get a decent grasp of free–market economics…this book is the perfect place to start.’ (Daniel Hannan, Telegraph.co.uk/Blog, July 2010).
‘Using illustration, humour and storytelling, the authors…take economics off its lofty shelf and place it back on the kitchen table’ (TheStar.com, September 2010).
Product Description
How an Economy Grows and Why it Crashes uses illustration, humor, and accessible storytelling to explain complex topics of economic growth and monetary systems. In it, economic expert and bestselling author of Crash Proof, Peter Schiff teams up with his brother Andrew to apply their signature "take no prisoners" logic to expose the glaring fallacies that have become so ingrained in our country’s economic conversation.
Inspired by How an Economy Grows and Why It Doesn’t a previously published book by the Schiffs’ father Irwin, a widely published economist and activist How an Economy Grows and Why It Crashes incorporates the spirit of the original while tackling the latest economic issues.With wit and humor, the Schiffs explain the roots of economic growth, the uses of capital, the destructive nature of consumer credit, the source of inflation, the importance of trade, savings, and risk, and many other topical principles of economics.
The tales told here may appear simple of the surface, but they will leave you with a powerful understanding of How an Economy Grows and Why it Crashes.
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Most Helpful Customer Reviews
12 of 12 people found the following review helpful
Format:Hardcover
Economics is bewilderingly complicated because there is so much disagreement amongst the professionals...the economists. So, just when you think you have understood what is going on around you by listening to the BBC and how the forces of Fiscal Stimulus, Government Spending and low Interest Rates will save us from another great depression, you hear that some are deeply opposed. Why?
This book is written from that dissenting side who feel that enormous government borrowing and the trend to get others to make the stuff we need will lead us to destruction. It is very persuasive because it is written as a fable on a land with fish as its currency. It bears an uncanny resemblance to the United States but the message is universal that corruption of currency by government overspending is the root of most economic trouble.
The end scenario of this allegory is quite sobering because, again, it is logical and presented simply. Altogether an easy and amusing read.
This book is written from that dissenting side who feel that enormous government borrowing and the trend to get others to make the stuff we need will lead us to destruction. It is very persuasive because it is written as a fable on a land with fish as its currency. It bears an uncanny resemblance to the United States but the message is universal that corruption of currency by government overspending is the root of most economic trouble.
The end scenario of this allegory is quite sobering because, again, it is logical and presented simply. Altogether an easy and amusing read.
10 of 10 people found the following review helpful
Format:Hardcover
This book is written by "Dr Doom", whose story is a take on the impending collapse of the US economy in the context of a fictional economy based on the value of fish. It is an amusing tale, highlights of which include an obvious allusion to George W Bush and his southern drawl. It's a quick read, and I finished it in a day (but I am a quick reader). For somebody who knew nothing - literally nothing, about economics I feel it has given me a great foundation and incentive to find out more. It explains basic concepts such as inflation and interest rates with a refreshing lack of esotericism and this has undoubtedly inspired me to read more.
The introduction makes it clear that the author is a firm adherent of the Austrian school of economics, naturally opposed to the contemporary economic policies of the USA of spending more and providing more and more stimulus to keep consumers spending. The bad thing is that you learn much from Schiff's views, but the whole publication is very one-sided. As such the reader wonders whether the criticism of Keynesian policies is justified. However, this one-sided approach is perhaps rife in publications of this sort. Hopefully those who purchase this book have the sense to read around and find ideas that make the most sense to them. But if Schiff's purpose is to create a convincing argument against Keynesian economics, he very much succeeds.
This book is suitable for all ages. It comes with illustrations, which while very amusing can sometimes appear somewhat condescending. Nevertheless, it's a fantastic book for anybody who feels they should know more about economics, and it explains the basic principles with considerable clarity.
The introduction makes it clear that the author is a firm adherent of the Austrian school of economics, naturally opposed to the contemporary economic policies of the USA of spending more and providing more and more stimulus to keep consumers spending. The bad thing is that you learn much from Schiff's views, but the whole publication is very one-sided. As such the reader wonders whether the criticism of Keynesian policies is justified. However, this one-sided approach is perhaps rife in publications of this sort. Hopefully those who purchase this book have the sense to read around and find ideas that make the most sense to them. But if Schiff's purpose is to create a convincing argument against Keynesian economics, he very much succeeds.
This book is suitable for all ages. It comes with illustrations, which while very amusing can sometimes appear somewhat condescending. Nevertheless, it's a fantastic book for anybody who feels they should know more about economics, and it explains the basic principles with considerable clarity.
19 of 21 people found the following review helpful
Format:Hardcover
The Schiffs write an extraordinary tale of - as the title suggests - economy, and supplement almost every single page by Brendan Leach's cartoon illustrations, which make the book light reading for non-economists.
The book is divided into 17 short, yet cleverly connected chapters. It starts with Able, Baker and Charlie, the only inhabitants of a small island, and finishes up with large society with a government. The twists and turns of their lives on the islet are described in an amusing way, really. You will find out how they produce wealth, how they invest, how loans are created, how joint venture arises, how barter is replaced by money, how specialization (leading to competitive advantage!) benefits whole economy, why deflation is a good thing (efficiency pushes prices down - for instance, Henry Ford was steadily bringing down the prices of cars, which then were available to a wider pool of buyers! Same goes with computer industry - "What was once a luxury for the rich became common for everyone"), and why avoiding underconsumption and taking risk lead people to take up an employment, and many, many more.
A must-read volume for every undergraduate student of economics (or business, in general), politicians, as well as economic advisors who during their education were not aware of Austrian, or at least Chicago economics thought. The book is also recommended for ordinary person, who is, for example, confused about whether to save or spend during the recession. The title will change forever the way you think about economy and economics!
The book is divided into 17 short, yet cleverly connected chapters. It starts with Able, Baker and Charlie, the only inhabitants of a small island, and finishes up with large society with a government. The twists and turns of their lives on the islet are described in an amusing way, really. You will find out how they produce wealth, how they invest, how loans are created, how joint venture arises, how barter is replaced by money, how specialization (leading to competitive advantage!) benefits whole economy, why deflation is a good thing (efficiency pushes prices down - for instance, Henry Ford was steadily bringing down the prices of cars, which then were available to a wider pool of buyers! Same goes with computer industry - "What was once a luxury for the rich became common for everyone"), and why avoiding underconsumption and taking risk lead people to take up an employment, and many, many more.
A must-read volume for every undergraduate student of economics (or business, in general), politicians, as well as economic advisors who during their education were not aware of Austrian, or at least Chicago economics thought. The book is also recommended for ordinary person, who is, for example, confused about whether to save or spend during the recession. The title will change forever the way you think about economy and economics!
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Most Recent Customer Reviews
Something good for everyone
Having just read the 'most useful critical review' of this book [it's a rant about this being a thinly-disguised force-feed of XYZ politics], I'll set out by saying: this book is... Read more
Published 6 days ago by R_o_b_b_i_e
Alistair Wesley
An economics textbook presented in the style of a cartoon book for children. An excellent way of putting the argument across clearly and a style that others might look to copy as... Read more
Published 1 month ago by Alistair Wesley
Fun, interesting and easy to understand
I bought this book for my daughter, she read it when she was 12 and understood and enjoyed it, now she has an interest in economics. Great book I would recommend it to anyone.
Published 2 months ago by P. Lewin
Economic theory in parable form
This is economic theory in simple terms, in this book Schiff essentially derives the modern global economy from ancient times when the world was far simpler. Read more
Published 6 months ago by Edward A. Thomson
Absolutely Fantastic Reading
Purchased this book with delivery to Moscow, Russia. I've read this book from cover to cover in 3 hours and it is perfectly great economic reading for simple people.
Published 9 months ago by LocalStorm
Very enjoyable and Light
Considering the author is trying to make a weighty subject such as economics light and simple, I really commend this book. Read more
Published 9 months ago by Phileas Fogg
Excellent introduction to the financial crisis
Schiff very effectively demonstrates the importance of sound money and savings to economic prosperity, he does this by giving an amusing overview of US economic history. Read more
Published 10 months ago by L. Smith
The worst book ever...
If you are 15 or 16 years of teenager and you would like to find out more about economic crises you may find this book useful. Read more
Published 11 months ago by matrik
A free-market fundamentalist excuse for a plain-man's guide to...
This book is an unashamed piece of free-market, small-government fundamentalist propaganda masquerading as an even-handed guide to economics aimed at those who find real economics... Read more
Published 12 months ago by Paul Bowes
The basics of an economy everyone needs to know
What Peter Schiff has told in this book, is something I used to think deeply about as a child. It is regarding the basics on how the economy governs. Read more
Published 13 months ago by VBKing
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