I own his fathers version How an Economy Grows and Why it Doesn't. This is so great. Peter Schiff is a personal hero of mine. I love the man for his moral integrity and sharp as a tack understanding of economics.
I've read the older version, and I'm ordering the new one right now. Can't wait to read it. I highly recommend the older one, but the new one has been updated and expanded to address some of the new economic trends that have sprung up in the last 20 years, including the Dot-Com boom/bust, Greenspan housing boom/bust, run-away 'stimulus' plans, deficits, and the massive trade imbalance with China.
The original one was in classic comic-book form, and took the development of economics, and the modern destruction of it, up through the 70's. The new book is not a comic book, but is instead an illustrated prose version, which is expanded to cover the further mis-adventures of the world and US economies up to the present day, 2010. Further, it takes time-outs to comment upon the parallels between the comicical narrative and our real-world history, which further clarifies the fine parable of the fishes the Schiffs have concocted. Because of the differences between the old and new versions, I would say that the first is still just as enjoyable, and might still be more suitable for the very youngest of readers, but the new version has much more content, and is much more applicable to the events of the last 20 years.
After watching Peter Schiff youtube videos and video blogs, listening to his pod-casts, reading his investing books and internet articles, and watching the economy behave as he has predicted, I've dug into the school of economics that he professes, which anyone can learn more of at www.mises.org.
I highly recommend this book as a tool to educate young and old alike in the fundamentals of economic truths that you will never learn by watching mainstream economic talking heads or reading the books and articles of mainstream economists.