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Customer Review

on 27 May 2010
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!
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