In How an Economy Grows and Why it Crashes, economic expert and bestselling author of Crash Proof and The Little Book of Bull Moves in Bear Markets, Peter Schiff, presents economics in two informative, yet thoroughly entertaining tales. The illustrations were previously published by Peter Schiff's father, Irwin A. Schiff, a trader and financial expert. The book takes complex economic issues and distills them into a rousing allegory. For example, a story takes place on a tropical island where hunter-gatherer cavemen struggle daily to catch fish for basic survival. As the economy of the island becomes increasingly dynamic, institutions and government entities develop to protect the islanders' savings and assets, and Schiff explains the complexities that accompany this growth. With wit and humor, Schiff explains the roots of economic growth, the uses of capital, the destructive nature of consumer credit, and many other topical principles of economic theory. The tales leave you with a powerful understanding of inflation and the abuses of the monetary system. How an Economy Grows is an insightful illustrated book that both entertains and teaches readers about the economic system.
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"Ten years ago I navigated the intellectual labyrinth of Murry Rothbard's exhaustive two-volume work, "Man, Economy, and State with Power and Market." While Rothbard's Austrian School perspective provided valuable insights, it was undeniably dense and challenging.
Then, like a breath of fresh air, I stumbled upon "How an Economy Grows and Crashes" by Peter and Andrew Schiff. What a revelation! The Schiffs masterfully unravel Rothbard's intricate theories, making economics not only comprehensible but downright enjoyable. The inclusion of humor and clever illustrations transforms this once arcane and boring subject into an engaging narrative.
Their ability to distill complex economic concepts down to a level accessible to an eighth-grader is truly commendable. The book goes beyond mere understanding; it equips readers with practical insights applicable to various facets of life. In my opinion, "How an Economy Grows and Crashes" should be required reading for high school students, providing them with a solid foundation in economic principles through a uniquely entertaining lens. Kudos to the Schiffs for making economics both accessible and fun!"
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Peppone (5 out of 5 stars)