How an Economy Grows and Why it Crashes (2010) is an illustrated introduction to economic theory by Peter Schiff

Peter Schiff

Peter David Schiff is an American investment broker, author and financial commentator. Schiff is CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York...

 and Andrew Schiff. The book allegorically

Allegory

Allegory is a demonstrative form of representation explaining meaning other than the words that are spoken. Allegory communicates its message by means of symbolic figures, actions or symbolic representation...

 explores such topics as inflation

Inflation

In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...

, deficit spending

Deficit spending

Deficit spending is the amount by which a government, private company, or individual's spending exceeds income over a particular period of time, also called simply "deficit," or "budget deficit," the opposite of budget surplus....

, central banking, international trade

International trade

International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...

, and the housing bubble

United States housing bubble

The United States housing bubble is an economic bubble affecting many parts of the United States housing market in over half of American states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and may not yet have hit bottom as of 2011. On December 30, 2008 the...

 and credit collapse

Late-2000s financial crisis

The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...

 of 2008. The Washington Times stated that the book "[conveys] the often intuitive ideas of economics through an engaging, fictitious story richly illustrated with amusing cartoons." http://www.washingtontimes.com/news/2010/jun/30/cutting-through-economic-clutter/print/

The book was a 2010 winner of the getAbstract International Book Award

GetAbstract International Book Award

The ‘‘'getAbstract International Book Award’‘' is focused on non-fiction books that have made a significant impact worldwide. Each year, getAbstract's editors assess more than 10,000 English and German non-fiction books...

 http://www.getabstract.com/pages/0/web/BookAward.jsp#award2010 and a New York Times

The New York Times

The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...

best-seller. http://www.nytimes.com/2010/06/06/books/bestseller/besthardbusiness.html?scp=1&sq=%22how%20an%20economy%20grows%20and%20why%20it%20crashes%22&st=cse

________

The book was based on an earlier "economic comic book" by the authors' father Irwin Schiff

Irwin Schiff

Irwin A. Schiff is a prominent figure in the United States tax protester movement. Schiff is known for writing and promoting literature that claims the United States income tax is applied incorrectly. He has lost several civil cases against the federal government and has a record of multiple...

, titled How an Economy Grows and Why it Doesn't.

External links

• Animated video introduction to How an Economy Grows and Why it Crashes