Talk about economics for even a few minutes, and watch your listeners’ eyes glaze over. But tell them a story that grabs their attention and makes them smile – then you can teach them anything. That’s the tactic controversial Libertarian Irwin Schiff used to teach his sons – brokers Peter D. Schiff and Andrew J. Schiff – the basics of economics. The Schiff brothers have cleverly updated their dad’s “fish story,” first published in 1979, to show how decades of political and economic blunders have led to financial crisis. With cute cartoons and witty, though deliberately imprecise, characterizations, their picture book presents a fable about the ways that politics and human frailty can lead people to violate the rules of supply and demand – thus creating fishy fiscal headaches. Inserted “reality checks” relate the story’s ideas to current events to explain the tale’s metaphors to readers at all levels of financial sophistication. While some may disagree with the authors’ libertarian views, others may recognize underlying realities in their allegory. getAbstract recommends this fine fable to anyone seeking a simple presentation of a complicated subject.
About the Authors
Peter D. Schiff is the best-selling author of Crash Proof 2.0 and The Little Book of Bull Moves in Bear Markets. He is president of Euro Pacific Capital, a brokerage firm, where financial media expert Andrew J. Schiff is a broker and communications director.
Comment on this summary
1 decade agoWonderful book. Recommended for every one seeking to understand the principles of economics.
In our Journal
2 years ago
The Revival of Keynesianism?
Is the state coming back strong and big with COVID-19? A reading list. From The Wall Street Journal to Foreign Policy, everyone seems to agree: Bidenomics contains more of John Maynard Keynes than Milton Friedman. But what does that mean? We have summarized the background and underlying theories in a reading list. John Maynard Keynes […]
3 years ago
getAbstract International Book Award
Heritage 2001 – 2017 Each year, getAbstract assesses more than 10,000 English and German non-fiction books. From these, it selects 10 finalists, and honors 2 winners in both language categories. 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Back to getAbstract International Book Award Page