If you’re looking for an excellent book on basic economics, look no further. Peter Schiff’s How an Economy Grows and Why It Crashes is an excellent addition to any respectable economics curriculum.
As I have written before, I was in my twenties before I asked the question, “What is money?” Today, I know it’s a question some people never ask.
I am a case of better late than never, I suppose.
The problem I came across was this: there are millions of bad books on economics and only a handful of good ones.
When you go looking, you can get everything from books on economic theory for the college student to books full of graphs and figures that set out to explain every acronym economists use.
Or you get a dumbed down version – for children, I suppose. (Please note: I am not here referring to The Tuttle Twins series, of which I have heard only good things. I intend to review those soon.)
And then of course, there are the ones that are just bad. And wrong. Libraries seem to love stocking them, though.
How an Economy Grows and Why It Crashes is none of the above.
Written as a tale about an island where the first three inhabitants set about catching fish daily with their hands, it quickly grows to include and explain bigger concepts like productivity, capitalism, entrepreneurship, lending and, yes, even the GDP, which the economists like to prattle on about.
Replete with comic pictures, it is a serious book that will give you (and your children!) a basic understanding of how money works, especially in the United States.
It also delves into issues like the trade deficit, relations with China, the housing boom and bust, the role of the Federal Reserve and what we need to do to move forward well.
Even though it is a little dated, (it was written in 2010) the book is priceless for understanding economics.
I intend to add this to my children’s economics curriculum in a few years. While the child’s maturity definitely matters, I wouldn’t have them read it before they are well into the logic stage.
A great addition to your home library!