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How an Economy Grows and Why It Crashes
- Narrated by: Peter D. Schiff, Andrew J. Schiff
- Length: 3 hrs and 36 mins
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How an Economy Grows and Why It Crashes
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Publisher's Summary
How an Economy Grows and Why it Crashes uses illustration, humor, and accessible storytelling to explain complex topics of economic growth and monetary systems. In it, economic expert and best-selling author 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 activist - 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 explain the roots of economic growth, the uses of capital, the destructive nature of consumer credit, the source of inflation, the importance of trade, savings, and risk, and many other topical principles of economics.
The tales told here may appear simple of the surface, but they will leave you with a powerful understanding of How an Economy Grows and Why It Crashes.
What listeners say about How an Economy Grows and Why It Crashes
Average Customer RatingsReviews - Please select the tabs below to change the source of reviews.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- EY
- 2020-12-25
Excellent book! Peter Schiff was right!
Peter is a brilliant economist explains hard concepts tastefully.
I listen to Peter Schiff podcast every week and this book basically summarizes his investment philosophy. I look forward to see Peter write a book on the "fool's gold" bitcoin. I think bitcoin will be Peter's third crash prediction that becomes reality (already happened in 2017 do maybe fourth).
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Overall1 out of 5 stars
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Performance3 out of 5 stars
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Story1 out of 5 stars
- Phonse Fagan
- 2022-04-25
Some good points but overly simplistic.
This rather one dimensional attempt at economic elucidation presents all the advantages of laissez-faire capitalism, while addressing none of its challenges. It would be all so simple if it was only about harnessing human greed and the will to power (it does, after all, get us out of bed in the morning) - with no need to concern ourselves with reining in its extremes. You'll find no mention here of the tendency toward market monopolies that can squash new entrants so as to allow themselves to set prices that have nothing to do with the cost of production - or genuine scarcity . And, no mention of how advantage leverages advantage to create dangerous concentrations of wealth, that can undermine social stability and democracy itself. The idea of the rich being justified in hiding their wealth in offshore accounts is winked at.
Although the catching of fish is used as a metaphor for hard work and creativity, there is no mention of the limitations of the ecosystem or the tendency of short-term thinking (of measuring success in terms of quarterly profits and losses) to discount more dangerous long-term environmental effects (an obvious parallel to our tendency toward constantly running up fiscal debt to deal with shorter term social pain). One wonders if the author is at all aware of what's happening to fish stocks around the world. Given all this, it is perhaps predictable that there is nary a mention of the existential threat of climate change, and there is little attention paid to the need for international cooperation in the face global challenges.
The author rightfully warns against the dangers of the hyperinflation that comes from simply printing more money, and the painful reset it would bring. But he also neglects to mention that much of what was built in running up all that debt (roads, factories, advanced technologies, farming equipment etc.) is still there after the reset. In other words, we don't start again from zero. Nevertheless, this is a pain we would prefer to avoid and we'd be wise to heed his warning.
As a general point, I would add that: Every action we take and every policy we follow is likely to have both pros and cons. And, I prefer to see frank discussions where both are presented with equal zeal and consideration. Otherwise we fall prey to the logical fallacy of the "excluded middle". For, when good arguments can be made on both sides, the best solution is likely to be found somewhere in that "mushy" middle.
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