How an Economy Grows and Why It Crashes
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Product Description
How an Economy Grows and Why it Crashes uses illustration, humor, and accessible storytelling to clarify complex topics of economic growth and monetary systems. In it, economic practiced and bestselling leader of Crash Proof, Peter Schiff teams up with his brother Andrew to apply their signature “take no prisoners” logic to expose the glaring fallacies that have become so ingrained in our country’s economic conversation.
Inspired by How an Economy Grows and Why It Doesn’t—a previously published book by the Schiffs’ father Irwin, a widely published economist and liberal—How an Economy Grows and Why It Crashes incorporates the spirit of the original while tackling the latest economic issues.With wit and humor, the Schiffs clarify the roots of economic growth, the uses of capital, the destructive scenery of consumer credit, the source of inflation, the importance of trade, savings, and risk, and many additional topical principles of economics.
The tales told here may appear simple of the surface, but they will place you with a powerful understanding of How an Economy Grows and Why it Crashes.
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Ok, I have a confession to make. I haven’t read this book. So why would I reflect myself such an practiced as to really write a review of a book I haven’t even read?
Well, I’m going to attempt to slither out of this by not really reviewing the book, but to simply raise a caution flag. Watch me do this lacking a lovely assistant!
Being able to simply clarify an economic boom-bust cycle simply and clearly is very helpful, and I do not dissuade people from buying this book. But, the leader is one person, with fallible opinions like everyone else. I caution against long-suffering and believing the explanations in his book (or any additional) as the last word on how economies work simply because he makes them plausible and simple to know. How likely is it that this leader is the only person who is right?
If you are new to economics, this may be a very excellent book to start with, but please don’t stop here. By reading a variety of books by several authors, you’ll gain a better understanding of the theme, and perhaps even a deeper appreciation of this leader. In fleeting, you’ll be able to make up your own mind.
Of course, that means reading more than one book on economics. I suggest wrapping the covers in brown paper so your friends reflect you’re reading something racy as a replacement for of being a economics geek. (unless you’re reading on an e-reader. Wrapping your e-reader in brown paper doesn’t have the same effect.)
I’ve agreed the book three stars, not because it doesn’t deserve any additional number of stars, but because I have to give it a rating, and three stars seems to me to suit the title of my review. Please disregard them, and turn to additional reviewers who have read the book for ratings on the book’s quality.
Reader’s Rating: 3 / 5
I will use this book to have students detect and identify logical fallacies and identify a heap of misrepresentations.
The books is clearly designed to appeal to the uneducated using trite examples. One cannot simply construct an absurd (and incomplete) economy and then question readers to make the leap of faith that the artificial construction somehow applies to complex markets.
The books is an ranting, trivial, self congratulatory, ideological tract and not a thought conduct experiment or logical analysis of an vital issue.
I wish I could give it less than one star.
Reader’s Rating: 1 / 5
In his book Schiff completely misrepresents John Maynard Keynes theory as simply, “running large budget deficits”. I’m sure Keynes rolled over in his grave. Most legit ecomomists agree that FDR and Keynes principles help us recover from the Fantastic Depression, while Schiff believes persons principles caused it.
In the introduction he boasts that his father spent 35 years fighting a federal income tax as not Constitutional. While he is proud of his father, it helps us know where he establish his misguided views.
Although he makes a few excellent points, the majority of his thoughts are flat incorrect. I have the largest issue with his thought that deflation is a excellent thing. As an expample he claims that Henry Ford prospered and his workers were the “best paid in the indusrty”, even as the prices of autos dropped. The reality is Henry Ford didn’t over pay workers. His success came from innovation NOT deflation!
Schiff believes the best route for handling our national debt is defaulting. I’m quoting him here, “Defaulting, which does offer the posibility of a real reckoning and a fresh beginning, is really the better alternative.” He’s not joking! He really believes this!
I could go on, but I’ve wasted to much time on this book already. Best of luck if you choose to read this.
David
Reader’s Rating: 1 / 5
This book is very weak. Not on par with Peter’s additional books. Not a excellent investment of your time and money.
Reader’s Rating: 1 / 5
As much as I liked Peter Schiff’s Crash proof back in 2007 for its weight to current (and at that time, future) events, I really cannot recommed this book to anyone apart from eight year olds and people with their mental capacity. Clearly, this book was written to flatter the intelligence of Tea Party activists and Ron Paul supporters, who might feel dreadfully smart for outwitting all persons Ivy-league guv’ment economists who rumor has it that didn’t see this crisis coming. Schiff’s assertions are far too simplistic (ever heard about resource scarcity and natural comparative advantage, Schiff?) and show a perfect ignorance of how the world really works and where real power lies. If we were to judge him, guv’ment is full of incompetents who keep building silly mistakes just because Schiff wasn’t there to educate them. But don’t worry, help is at hand, once you people elect him into the senate he will be there to clarify to senators how economies really work and all will be fine again.
I’m sorry but if you judge his simplistic opinion and solutions, you are but a moron, and a gullible one at that. Schiff’s advice is suitable only to teach kids the value of money but is completely beside the point to current events on a national and international scale.
In conclusion, your kids might delight in this book but if you are a grown-up read something more substantial. This one’s neither amusing nor informative enough to spend money on. If you must read it, it’ll take three hours in the bookstore and cost you nothing, though you will be non the wiser in the end. If you didn’t already know that saving money makes you richer while spending it poorer, than you are beyond help anyways.
Reader’s Rating: 2 / 5