How an economy grows and why it crashes
"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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What Hacker News says
- The only school that has any explanation for this is the Austrian School of Economics. Their theory of the business cycle is the reason they successfully predict every crisis to the tee (except for timing, no one can do that), while other economists are just blown away in surprise that it even happened.
Mises and Hayek wrote big and hard to read books about it, but two that explain this to the layman are "Meltdown" by Tom Woods[0] and "How An Economy Grows And Why It Crashes" by Peter Schiff[1]. The first is an explanation using the 2008 crisis, and the second is a very amusing yet educating economy lesson told as a kids' story.
Another book that can help grasp this, although I wouldn't read it first, is "The Forgotten Depression: 1921: The Crash That Cured Itself" by James Grant.
If you're interested in the actual business cycle theory, Tom Woods explained it briefly while promoting Meltdown. Explanation starts 14:03:
https://youtu.be/NBwJm68FkMc?t=844
[0] https://www.amazon.com/Meltdown-Economy-Tanked-Government-Ba...
[1] https://www.amazon.com/How-Economy-Grows-Why-Crashes/dp/B004...
- 1. How an Economy Grows and Why it Crashes (2010) by Peter Schiff and Andrew Schiff
2. A Template For Understanding Big Debt Crises (2018) by Ray Dalio
3. Capitalism: The Unknown Ideal by Ayn Rand
4. Basic Economics: A Citizen's Guide to the Economy by Thomas Sowell
- Peter D. Schiff "How an Economy Grows and Why It Crashes"
- How an Economy Grows and Why It Crashes from Peter Schiff: https://www.amazon.com/How-Economy-Grows-Why-Crashes/dp/0470...
Very short read - economics basics from libertarian view.
- See also Schiff's How an Economy Grows and Why It Crashes
- I don't know about your Norwegian example, and it might be because I'm ignorant of it; or you might be confusing it with Iceland 1200 years ago. If so, remember they had that system for 300 years (longer than the US has existed) and that they could not only choose which 'clan' they belonged to but also could literally buy seats in the law-making house. This makes it a voluntary (therefore, anarcho-capitalist) society.
I'd point you in the direction of any Austrian Economics literature. I don't come from any "objectivist" thinking as it seems to me most of it comes from fiction, which I don't read. But if you learn how wealth can be created from simple exchange between two people, that's the aha moment.
I'd recommend PraxGirl's Praxeology series on youtube, and Schiff's How an Economy Grows and Why it Crashes.
