Summary of Peter D. Schiff & Andrew J. Schiff's How an Economy Grows and Why It Crashes

Please note: This is a companion version & not the original book. Book Preview:

#1 There were three men on an island. They lived alone and could only catch one fish per day, which was just enough to survive the next day. Their island economy was based on this simple activity.

#2 The islanders were able to live a primitive lifestyle, but they still wanted to improve their living standards. They wanted to be able to catch more than one fish per day, which was the minimum they needed to survive.

#3 Able’s net allowed him to catch more fish than he could ever eat, and he was able to use that extra income to fund other ventures. His economy was about to change in a big way.

#4 The economy is the effort to maximize the availability of limited resources to meet as many human demands as possible. Tools, capital, and innovation are the keys to this equation.

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Rafbók: 29 april 2022