How an Economy Grows and Why It Crashes

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Overview

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 ...

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Overview

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.

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  • How an Economy Grows...
    How an Economy Grows...  

Product Details

  • ISBN-13: 9780470526705
  • Publisher: Wiley
  • Publication date: 5/3/2010
  • Edition number: 1
  • Pages: 256
  • Sales rank: 276,466
  • Product dimensions: 6.00 (w) x 9.10 (h) x 0.90 (d)

Meet the Author

Peter D. Schiff is CEO and Chief Global Strategist of Euro Pacific Capital, an SEC-Registered Investment Advisor and a full-service broker/dealer, and Chairman of Euro Pacific Precious Metals. He is a widely followed opponent of debt-fueled growth policies and known for his advocacy of emerging market and commodity-focused investments in countries with positive economic and fiscal characteristics. Mr. Schiff has been quoted hundreds of times in leading news outlets around the world, including the Wall Street Journal, Barron's, Die Zeit, Tokyo Shimbun, South China Morning Post, Investor's Business Daily, the Financial Times, the New York Times, the Los Angeles Times, and the Washington Post. He appears regularly on CNBC, CNN, BBC, Al Jazeera, Fox News, and Fox Business.

Andrew J. Schiff, a veteran media and marketing consultant in the financial services industry, leads the communications and media effort at Euro Pacific Capital. Andrew has worked closely with his brother Peter for nearly a decade, first as an outside consultant and then as a key member of the Euro Pacific team. He has helped develop, refine, and target Euro Pacific strategic communications for media and clients.

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Table of Contents

Disclosure viii

Author's Note ix

Introduction xi

Chapter 1 An Idea is Born 1

Chapter 2 Sharing The Wealth 13

Chapter 3 The Many Uses of Credit 27

Chapter 4 Economic Expansion 37

Chapter 5 Prosperity Loves Company 47

Chapter 6 Put it in the Vault 63

Chapter 7 Infrastructure and Trade 77

Chapter 8 A Republic is Born 91

Chapter 9 Government Gets Creative 101

Chapter 10 Shrinking Fish 119

Chapter 11 A Lifeline From Afar 129

Chapter 12 The Service Sector Steps Up 141

Chapter 13 Closing the Fish Window 153

Chapter 14 The Hut Glut 161

Chapter 15 The Hut Rut 177

Chapter 16 Stepping on the Gas 193

Chapter 17 The Fish Hit the Fan 209

Epilogue 223

Acknowledgments 229

About the Authors 231

About the Illustrator 233

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Customer Reviews

Average Rating 4.5
( 40 )
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See All Sort by: Showing 1 – 20 of 40 Customer Reviews
  • Posted July 19, 2010

    more from this reviewer

    The economy in a microcosm: A fun fable about fishermen

    Talk about economics for even a few minutes, and watch your listeners' eyes glaze over. But tell them a story that grabs their attention and makes them smile - then you can teach them anything. That's the tactic controversial Libertarian Irwin Schiff used to teach his sons - brokers Peter D. Schiff and Andrew J. Schiff - the basics of economics. The Schiff brothers have cleverly updated their dad's "fish story," first published in 1979, to show how decades of political and economic blunders have led to financial crisis. With cute cartoons and witty, though deliberately imprecise, characterizations, their picture book presents a fable about the ways that politics and human frailty can lead people to violate the rules of supply and demand - thus creating fishy fiscal headaches. Inserted "reality checks" relate the story's ideas to current events to explain the tale's metaphors to readers at all levels of financial sophistication. While some may disagree with the authors' libertarian views, others may recognize underlying realities in their allegory. getAbstract recommends this fine fable to anyone seeking a simple presentation of a complicated subject.

    To learn more about this book, check out the following link: http://www.getabstract.com/summary/14107/how-an-economy-grows-and-why-it-crashes.html

    2 out of 2 people found this review helpful.

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  • Anonymous

    Posted May 17, 2010

    A truly amazing book

    This book put the basics of economics into an easy to read, entertaining, and surprisingly humorous story of an island and how it's economy grew from three people fishing with their hands, to how the US's economy is now. Peter Schiff takes what most people view as a very complicated subject, and boils it down to a very simple and easy to read story. I knew very little about economics and loved the book just as much as my boyfriend did, who spends his spare time reading up on everything about economics and knows a lot. This book is eye opening, and really helps you get a grasp on how our economy got to be how it is now.

    2 out of 2 people found this review helpful.

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  • Posted February 1, 2013

    Very easy to read. It's enjoyable, and informative. Even if you

    Very easy to read. It's enjoyable, and informative. Even if you understand austrian economics, you'll still get a kick out of reading this. I also recommend it as a gift or educational tool. As an author I appreciate the ability to balance the content of the book so anyone could enjoy it.

    1 out of 1 people found this review helpful.

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  • Posted November 26, 2012

    Wonderful book. It makes economics very easy to understand to so

    Wonderful book. It makes economics very easy to understand to somebody of any age. It's a very eye-opening book by an expert on the subject.

    1 out of 1 people found this review helpful.

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