I recently read How An Economy Grows & Why It Crashes by Peter Schiff ( Peter Schiff is the president of Euro Pacific Capital and candidate for Senate in Connecticut).
“How An Economy Grows & Why It Crashes” was a great read for the person who is new to economics or who has little exposure to economics outside of what they see on television and radio. However it is also fun and informative for those well read on economics.
Peter Schiff along with his brother Andrew have delivered the kind of book that is sorely needed at this time. It is a re-purposed story that their father, Irwin Schiff, used to tell them as boys. These tales obviously clarified the topics of economics and money for Peter Schiff, and it is likely to have that same effect on those who read this book.
The beauty of this book is in its simplicity. The common (and valid) complaint is that the “experts” on news and business networks make the viewer confused with convoluted economic babble. How An Economy Grows and Why It Crashes is the most fitting of titles. Why? Get this. The reader gets to go on a fun little ride that leads them to understanding exactly why an economy grows and why it crashes in a simple and logical way.
The book starts off with a simple island society made up of three man – Able, Baker and Charlie. With these three gentlemen you see the beginning of the island’s economy and learn how it all starts. As their economy grows you see the contributing factors causing its growth. Then, you learn how this growing economy goes wrong. It covers the role the free market and government play in an economy.
As an added benefit, Peter Schiff uses the story to draw parallels to events in history. This helps explain better what happened during these historical events and provides examples that allow you to better understand the lessons Schiff is teaching. You meet some familiar characters from the past & present and get a few chuckles along the way.
By the time the story is over, you will get a no nonsense series of lessons that really does explain so much of the economics you hear discussed every day in the news and on financial shows, but done differently. One of Schiff’s objectives of this book is to destroy the myth that you need to be a life long economist with a fancy degree to understand what causes economic growth and economic crashes. He achieves this objective soundly.
I recommend this book to everyone. In fact, I will use this story to teach my daughter these valuable lessons that so many people are not fortunate enough to learn by way of the education system.
Pingback: kids discount shoes australia