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How an Economy Grows and Why It Doesn't
"The inside front cover and title page have white adhesive to cover an inscription. The outside cover and all other pages are in excellent condition." - This is a seller's description of their item's condition, not a description of the product. Product description should be the text from the back of the book, as "In "How an Economy Grows (And Why It Doesn't)" Irwin Schiff, America's leading expert on the Federal Income Tax, presents economics in his thoroughly informative, yet always entertaining manner; proving that the only thing -dismal- about the "dismal science" must be those who normally teach and write about it. Without a doubt, anyone reading Schiff's hilarious allegory will have a far better understanding of economics than many who have pursued the subject full time at our nation's universities."
108 pages, Paperback
First published May 1, 1985
4 people are currently reading
234 people want to read
About the author
Irwin A. Schiff
12 books26 followersAmerican anti-income tax activist. In 1950, Schiff graduated from the University of Connecticut with a Bachelor of Science degree in accounting and economics.
He has lost several civil cases against the federal government and has a record of multiple convictions for various federal tax crimes. Schiff is serving a 13-plus year sentence for tax crimes
He has lost several civil cases against the federal government and has a record of multiple convictions for various federal tax crimes. Schiff is serving a 13-plus year sentence for tax crimes
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Displaying 1 - 26 of 26 reviews
September 21, 2019
Bizarre, but oddly interesting. I can't say exactly why I picked this up. I'm glad I did because it was easy to read and yet thought-provoking.
[Update Sept 2019: my original review may not have been clear that I disagree with almost everything this man says. The 3-star rating is because I enjoyed reading it. Explaining inflation by cutting-up fish and sewing them back together is hilarious! At the time I read this, I still believed the premise of part one, that early economies were based on barter and then later transitioned to money. I now know from [book:Debt: The First 5,000 Years|6617037] that even that is false.]
I didn't recognize the name Irwin A. Schiff. It turns out he is infamous for claiming that income tax is not just wrong, but unconstitutional, and claiming to teach people how to avoid paying income tax. He also tried to run for president on the Libertarian ticket. The many people who actually followed his advice would end up with trouble and fees from the IRS, so his books of tax advice like Irwin Schiff's How Anyone Can Stop Paying Income Taxes were considered fraudulent and he was banned from selling them. He ended-up dying in prison. (A prison paid-for by tax dollars.)
This book, though, does contain some sound economics, at least up to a point, and is presented in an entertaining way. It starts with a simple society where people catch and eat their own fish. Then they transition to using fish as a means of exchange. It gets a little odd when they create banks to store fish and start making fish-based loans, but if you accept that these fish are smoked and can last a long time, that isn't so far-fetched. (In fact, in some real US prisons, inmates actually use packages of Mackerel as currency!)
Where it gets really weird is when he tries to explain inflation by having the government order the banks to cut-up the fish and sew them back together as smaller fish. I'm pretty sure that isn't how inflation works! By this point in the story he'd already introduced the idea of using pieces of paper to represent fish-backed-money, so I'm not sure why he didn't explain inflation using those. One of his claims in real life is that inflation is partly due to the transfer from gold-backed-money to fiat money, so it is doubly bizarre that he went with this idea of cutting and re-sewing fish rather than the easier explanation based on paper that has no intrinsic value.
Still, there is lots of interesting food for thought, if you can swallow the fish analogy. He makes a pretty convincing case for at least a few of his ideas. Loans for consumption (vacations, for example) are a bad idea and fuel inflation. (Banks usually don't explicitly give such loans, but they do indirectly through credit cards.) Consumption loans are even worse when the government encourages and subsidizes them. (Makes sense, but I'm not sure what real-life examples he had in mind.) The IRS enforcement mechanism sort-of constitutes a court system, and one that operates outside of the normal court system.
Some of the other claims I'm less willing to accept. He approaches everything from the basic libertarian philosophy that government is almost always bad and capitalist greed is good for everyone.
The drawings, which often look based on The Flinstones, are competent and entertaining and fit the story perfectly. They aren't subtle, though. (For one example a sign declaring some tax law gives it the number 666.) The artist has a particular interest in this subject and has separately drawn comics about the relation between the Christian bible and modern economics.
This is the sort of comic that should probably be locked in the adults-only section, because it could warp young minds.
[Update Sept 2019: my original review may not have been clear that I disagree with almost everything this man says. The 3-star rating is because I enjoyed reading it. Explaining inflation by cutting-up fish and sewing them back together is hilarious! At the time I read this, I still believed the premise of part one, that early economies were based on barter and then later transitioned to money. I now know from [book:Debt: The First 5,000 Years|6617037] that even that is false.]
I didn't recognize the name Irwin A. Schiff. It turns out he is infamous for claiming that income tax is not just wrong, but unconstitutional, and claiming to teach people how to avoid paying income tax. He also tried to run for president on the Libertarian ticket. The many people who actually followed his advice would end up with trouble and fees from the IRS, so his books of tax advice like Irwin Schiff's How Anyone Can Stop Paying Income Taxes were considered fraudulent and he was banned from selling them. He ended-up dying in prison. (A prison paid-for by tax dollars.)
This book, though, does contain some sound economics, at least up to a point, and is presented in an entertaining way. It starts with a simple society where people catch and eat their own fish. Then they transition to using fish as a means of exchange. It gets a little odd when they create banks to store fish and start making fish-based loans, but if you accept that these fish are smoked and can last a long time, that isn't so far-fetched. (In fact, in some real US prisons, inmates actually use packages of Mackerel as currency!)
Where it gets really weird is when he tries to explain inflation by having the government order the banks to cut-up the fish and sew them back together as smaller fish. I'm pretty sure that isn't how inflation works! By this point in the story he'd already introduced the idea of using pieces of paper to represent fish-backed-money, so I'm not sure why he didn't explain inflation using those. One of his claims in real life is that inflation is partly due to the transfer from gold-backed-money to fiat money, so it is doubly bizarre that he went with this idea of cutting and re-sewing fish rather than the easier explanation based on paper that has no intrinsic value.
Still, there is lots of interesting food for thought, if you can swallow the fish analogy. He makes a pretty convincing case for at least a few of his ideas. Loans for consumption (vacations, for example) are a bad idea and fuel inflation. (Banks usually don't explicitly give such loans, but they do indirectly through credit cards.) Consumption loans are even worse when the government encourages and subsidizes them. (Makes sense, but I'm not sure what real-life examples he had in mind.) The IRS enforcement mechanism sort-of constitutes a court system, and one that operates outside of the normal court system.
Some of the other claims I'm less willing to accept. He approaches everything from the basic libertarian philosophy that government is almost always bad and capitalist greed is good for everyone.
The drawings, which often look based on The Flinstones, are competent and entertaining and fit the story perfectly. They aren't subtle, though. (For one example a sign declaring some tax law gives it the number 666.) The artist has a particular interest in this subject and has separately drawn comics about the relation between the Christian bible and modern economics.
This is the sort of comic that should probably be locked in the adults-only section, because it could warp young minds.
May 27, 2008
This is a great book that teaches the reader about how economies work. It's short, to the point, and in an easy-to-read comic format. And his analogies on how economies crash are painfully true and happening today in the US market.
October 9, 2010
Even kids can follow this. Why can't adults?
November 1, 2017
If there is a book you ever wish to read to understand the bird's eye view of an economic system, this is it.
'You only know it well when you can explain it easily.'
Irwin Schiff has audaciously proven to be a master at explaining intricate network of economy in an highly eloquent account.
There is no better way to learn about a system than to know its need and origin. This graphic novel paints a surprisingly easy-to-relate and a beautiful story documenting the origins of banking, government, democracy and laws which are widely considered as highly technical and confusing by general population.
I sincerely wish secondary school syllabus includes this enchanting economic encyclopedia! This book can work wonders for a 5th grader too.
Loved reading each and every conversation and the pun intended at various character names is purely brilliant.
'You only know it well when you can explain it easily.'
Irwin Schiff has audaciously proven to be a master at explaining intricate network of economy in an highly eloquent account.
There is no better way to learn about a system than to know its need and origin. This graphic novel paints a surprisingly easy-to-relate and a beautiful story documenting the origins of banking, government, democracy and laws which are widely considered as highly technical and confusing by general population.
I sincerely wish secondary school syllabus includes this enchanting economic encyclopedia! This book can work wonders for a 5th grader too.
Loved reading each and every conversation and the pun intended at various character names is purely brilliant.
June 5, 2014
برغم إغراقه في "الرأسمالية المتوحشة"، كتاب مفيد و يوضح المبادئ الأساسية للاقتصاد
و دور الدولة و المعرقلات لتطوره في شكل طريف و جميل
(bande dessinée)
رأيي يبقى متذبب و حذر لما فيه من أفكار يريد جعلها كأنها هي "الحلول" الوحيدة و الحقيقية للمشاكل
لكن رأيي هذا هو مجرد انطباع لشخص مبتدئ جدا في الإقتصاد
و دور الدولة و المعرقلات لتطوره في شكل طريف و جميل
(bande dessinée)
رأيي يبقى متذبب و حذر لما فيه من أفكار يريد جعلها كأنها هي "الحلول" الوحيدة و الحقيقية للمشاكل
لكن رأيي هذا هو مجرد انطباع لشخص مبتدئ جدا في الإقتصاد
October 10, 2017
One the best books I have come across. Very simple description of a difficult concept.
August 13, 2021
For those interested, you can find the book in audio/video format here https://www.youtube.com/watch?v=bFxvy...
August 18, 2013
Very entertaining work on economics, that uses fun analogies to explain how an economy works (and how it doesn't). It gives basic insights in the nature of savings, investment, production of capital goods, profits, lending and borrowing, interests,...
November 15, 2017
As a layman on Economics, this book was a fun read. I didn't expect it'd be in comic form, which only made the concepts easier to understand. Everyone should read this book because it can practically help people to empower the economy and raise the standard of living of the society.
January 23, 2019
Amazingly it traverses us through all graphics and shows how money can be snatched from us and how we should only trust on overselves only. It worths the name assigned. Whole economy cycle is covered in this novel. True, a picture worths thousand words.
December 3, 2015
A great light-hearted look at how an economy works and prospers made very simple. Also illustrates in the same manner the harmful effects of government intervention in the economy.
September 21, 2019
This book is a great read to get the basic, fundamental knowledge of how an economy grows and why it doesn't.
This book is great for children, or adults alike. Recommended.
This book is great for children, or adults alike. Recommended.
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April 5, 2020Love the leftist comments trying to make the 4+ stars rating go down.
February 5, 2020
I picked up this book because I thought a graphic novel would be a fun way to learn about economics, but the more I read, the clearer it became that this author has a pro-capitalism, anti-government, anti-poor agenda. It lifts up rich business owners as self-sacrificing, hard-working people and explicitly portrays the poor and struggling class as a drain on society. Horrible book. Will never recommend to anyone.
July 12, 2018
It’s now clear why the writer had several income tax convictions.
The book itself is a greedy capitalism manifesto which believes minimum wage is counter productive and justifies corporates saving money offshore to not pay taxes.
I was planning to read his son’s book, Peter Schiff, but now I am not sure I will.
Definitely overrated!
The book itself is a greedy capitalism manifesto which believes minimum wage is counter productive and justifies corporates saving money offshore to not pay taxes.
I was planning to read his son’s book, Peter Schiff, but now I am not sure I will.
Definitely overrated!
February 20, 2019
I liked the introduction of this book, but later on it seems like it's much more focused on projecting the beliefs of the author on you rather than conveying actual impartial, scientific information. It reads as if it's serving an agenda, as pure propaganda supporting one particular viewpoint, which is a shame, because it could be much better if it wasn't for that.
December 5, 2019
It was interesting on the early pages until the government comes up, and I am not sure if the author has problem with democracy, and favors capitalist over it. By the way, the inflation explanation by sewing fishes and shrink those is ridiculous.
July 22, 2020
Niby komiks dla dzieci a przydaje się dorosłym.
Już wiem jak działa ekonomia i jak politycy mydlą nam oczy - na dobitnych przykładach, prawda w twarz!
Książka obowiązkowa dla każdego dziecka i dorosłego a że w formie komiksu to bardziej przystępna.
Już wiem jak działa ekonomia i jak politycy mydlą nam oczy - na dobitnych przykładach, prawda w twarz!
Książka obowiązkowa dla każdego dziecka i dorosłego a że w formie komiksu to bardziej przystępna.
May 29, 2018
My five year old loved this book. And despite disagreements I have with it, it led us to have many great conversations.
June 21, 2018
Cartoon and shorter version of "How an Economy Grows and Why It Crashes"
March 18, 2020
This book presents some economic concepts very well. But at the same time, you see the writer's personal beliefs take precedence over his promise of providing a clear explanation of said concepts.
June 17, 2020
Irwin schiff was a true hero.
February 4, 2022
Fantastic intro to how economies work, and what stops them from working. Great for youth and adults alike.
September 15, 2011
Nothing but propaganda.
It gets the basic market principles correct, but shows government interference as a gigantic octopus going in to devour people, and says, yep its bad. Waay to opinionated. Not only does it not like the government, but it ignores how the government works inside of an economy entirely! So some kid reading this is probably going to come out of it not knowing what the reality of the situation is.
Complete propaganda
It gets the basic market principles correct, but shows government interference as a gigantic octopus going in to devour people, and says, yep its bad. Waay to opinionated. Not only does it not like the government, but it ignores how the government works inside of an economy entirely! So some kid reading this is probably going to come out of it not knowing what the reality of the situation is.
Complete propaganda
October 15, 2012
Simple, amusing presentation of the Chicago/Austrian theory of economics. A little condescending towards the Keynesian doctrine, but that scarcely bothers me since I am not sympathetic to that idea anyway. Strongly recommended to anyone who wants a basic understanding of conservative economics and how things go right and how things go wrong.
June 19, 2013
A fast read, entertaining, while explaining the principles of economics. But as it goes to explain more advanced mechanisms I don't feel that it takes into accounts all the variables of real macroeconomy (even at the state level).
Don't get me wrong, I enjoyed every part of the book, but towards the end it becomes obvious that this small book is not enough (which actually makes sense).
Don't get me wrong, I enjoyed every part of the book, but towards the end it becomes obvious that this small book is not enough (which actually makes sense).
Displaying 1 - 26 of 26 reviews