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How an Economy Grows and Why It Crashes Hardcover – May 3, 2010
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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).
From the Back Cover
- Why governments can spend without ever seeming to run out of money?
- Why some countries are rich while others are poor?
- Whether spending or saving is the best cure for a bad economy?
- Where inflation comes from?
- Why it's so hard to catch a fish with your bare hands?
How An Economy Grows And Why It Crashes
Understanding how all the pieces of an economy fit together can be a daunting task—especially when the experts can't seem to do it. But when you get down to the basics, it is much easier than you may think. How an Economy Grows and Why It Crashes uses illustrations, humor, and accessible storytelling to take economics off its lofty shelf and put it back on the kitchen table where it belongs.
This straightforward story of fish, nets, saving, and lending exposes the gaping holes that lie hidden in our global economic conversation. With wit and humor, the Schiffs explain the roots of economic growth, the importance of trade, savings, and risk, the source of inflation, the effects of interest rates and government stimulus, the destructive nature of consumer credit, and many other economic principles that are so frequently discussed and so poorly understood.
The story may appear simple on the surface but it will leave you with a powerful understanding of How an Economy Grows and Why It Crashes.
In Chapter 1, author Peter Schiff introduces the key components necessary for an economy to grow [PDF].
More About the Author
Top Customer Reviews
However, after he announced his decision to pursue politics I expected this new book to be an extended "positioning statement". Whether you like or dislike Schiff, here is why you should read this book...and buy an extra to share with someone you care about.
1. It's funny. Okay, perhaps "funny" isn't a major reason to purchase this book but there is a decidedly quirky humor underlying the writing that makes this very accessible to people that wouldn't normally enjoy reading a book about economics. Schiff does a great job keeping this accessible to every type of audience without insulting the intelligence of the reader...in fact, he takes great pains to "de-mystify" the veil of complexity that surrounds issues that should be taught to every informed citizen.
2. Irwin Schiff. The father of Peter Schiff...I've read a couple of his books out of pure curiosity. While I do not personally agree with the position taken by the senior Schiff, I was utterly shocked to learn that at age 82 he remains incarcerated. Considering the recent fiasco of financial misconduct, it speaks volumes as to the priorities of the government. This book builds upon a story...and philosophy...initiated many years ago.Read more ›
After a while I realized however, the true insight of the book is that economics is not complex at all. It is the economists explanations that are complex. It takes some serious mental gymnastics to convince people that governments can spend more money than they take in, that an economy does not need a strong manufacturing base, budget and trade deficits don't matter and consuming ever more quantities of stuff (without the means to pay for it) is the path to prosperity.
Read this book and you'll have a better grasp of where we are today and where we are headed than the majority of "experts" out there.
It also shows us how government intervention can also distort the economy.
I found it a unique way to teach children AND adults that the 'laws of physics' apply to everyone- including countries! It you spend more than you save, eventually you will pay a price. It is that simple. Our country is starting to see that. Many in our government keep promising us everything we want (free health care, low interest rates, practically endless unemployment benefits, tax credits and more) all WITHOUT raising taxes or actually growing the economy. At what point do we (or China) realize this cannot continue?????
Most Recent Customer Reviews
I think that the first half that handles the general economy is a great read and makes it stupid easy to understand the fundamentals from a liberal view. Read morePublished 28 days ago by fanat1c
As a fable, no less alarming than 1984, maybe also as far-fetched. Nonetheless, makes one vigilant in this uncertain and volatile times.Published 1 month ago by Sheng
Great way of framing a complicated subject matter that is normally too dry and dense for most people to stomach. Read morePublished 1 month ago by CW
This is a great book, that if you've studied economics it challenges the views that you've been thought: Highly recommended read! Took me like 2 days to read.Published 2 months ago by Markus
Yep! This is what should be taught in American Economics classes. Not the Keynesian nonsense that I had in college. Thanks, Peter!Published 2 months ago by Lynn Sauer