How An Economy Grows And Why It Crashes

  • by Peter D Schiff, Andrew J Schiff
  • Narrated by Peter D. Schiff, Andrew J. Schiff
  • 3 hrs and 36 mins
  • Unabridged Audiobook

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 bestselling 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.

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Customer Reviews

Most Helpful

Written for children. Of Republicans.

This book contains a rather childish, simplistic and slanted view of our economy. And if you already understand economics on anything but a 8th grade level, you can pretty much skip it. I found that 80% of the information contained in the book is irrefutable, but a solid 20% is the product of faulty right-wing political thinking. Some examples:

The authors say that government is rife with corruption and waste. While corruption and waste do exist in government, it is likely not fair to paint with such a broad brush given the spending cuts and efficiencies that have happened over the past five years. Government spending is down. While corporate corruption seems to be accepted or overlooked by the authors.

The authors state that markets are the best way to make an economy grow. But they conveniently overlook government programs like the GI Bill, the Marshall Plan and the Interstate Highway act that had massive impacts on the US and world economy.

The authors also largely overlook the substantial greed and corruption in the private sector and discount the notion that there is a fundamental imbalance between the haves and have nots in our society largely caused by the people in their own industry. They are very good at pointing to a problem, and assigning blame (and bringing the same old gold standard argument up again), but they have no true thoughts on what to do to make the US economy more vibrant and diverse and equitable. If they think we will go back to 1920s monetary policy, they are mistaken.

And when the authors, who also narrated this book, started imitating the late Teddy Kennedy while portraying a corrupt politician, I had to shut the book off. Pete and Andy, you're no Teddy Kennedy.

I can deal with the whole economy based on fish on a desert island concept, but they take it way too far. And after an hour or so, it just gets annoying. What I can't take for a minute is the same level of simplicity and black and white thinking applied to social economics and the inequality in international markets. This book is too full of faulty thinking and slanted viewpoints to take seriously.

Run. Away.
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- Grant "caffeinated"

Educational and Entertaining

Listening to this audio book was fun. I couldn't stop myself but listening till the end before I turned on a radio in my car again. Peter and Andrew made a wonderful job reading out loud. Usually, I don't absorb information well when I hear it but rather when I read it. However, the way the book was read, it was very easy to follow and commit to a memory many important points that authors had to say on a topic of the economy. Being just an engineer and not an economist I do feel now that I know more about the economy than most of the people out there.
Peter and Andrew, thank you so much for taking time and reading the book out loud yourselves.
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- AC

Book Details

  • Release Date: 10-28-2010
  • Publisher: Audible Studios