Learn more about economics with this collection
How to develop a healthy relationship with money
How to create a budget
The impact of emotions on financial decisions
Takeaways
Peter Schiff is a stockbroker who is famous for warning people about a potential financial crash before 2008 happened. He has also written a book on the topic called Crash Proof.
There are five clear messages that run throughout the book. They are:
1. Economics is a complex topic and we still don't know everything about it.
2. There are many factors that can drive an economic crash.
3. We need to learn from the past in order to prevent future crashes.
4. Economics is important and we need to do better at teaching it.
5. We need to be careful with our money and make wise decisions.
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MORE IDEAS ON THIS
How the governments complicit in stunting economic growth
Governments provide services that are important to the economy, like security and justice. However, when governments provide services like healthcare, infrastructure, education, and banking, it's important to ask if they can provide these services more efficiently than the private market can.
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Savings are important for everyone, including economy
Peter Schiff provides a clear and enlightening illustration of how the economy grows and why it crashes.
Each type of savings has a different effect on the economy. Money saved for a rainy day does not help the economy grow, but money lent out to those in need can really help an economy gr...
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Comparative advantages boost economic performance
One way to think about productivity is by considering how having people specialize in specific fields is integral to productivity.
For example, imagine a society where everyone does everything themselves. This would be really inefficient and people would not have as much leisure time. Howe...
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Banks are integral to whether an economy grows
Banks are important in our society because they help us save money in a safe way, and they also help us invest money in more educated ways than we would know how to do on our own. However, the relationship between the government and banks can limit our productivity.
The government can inte...
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Increasing productivity is the goal of any economy
The economy has been growing because it now takes us less time to provide the same resources.
An increase in productivity has allowed food, shelter, smartphones, and supercars to become more readily available to the general population. This is the goal of an economy. For an economy to incr...
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CURATED FROM
IDEAS CURATED BY
Peter Schiff wrote a book about the economic crashes that have happened throughout history. He talks about how inflation, deficit spending, and central banking can all be driving factors.
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Related collections
Other curated ideas on this topic:
Pros and Cons of Positive Economics
Pros:
- based on objective data and fact are at our disposal to back up any claims
- there are no value judgments in positive economics which allows policymakers to formulate the appropriate measures necessary to tackle any economic conditions
C...
Making Economics Happen
Economics professors would also benefit from teaching the ideas in this book. Most economics classes cover a lot of theories and have plenty of graphs, but they don’t use enough real-life data for modeling.
They need to get down to the nitty-gritty of cause and effect. Economics is great ...
The Inner Game
The phenomenon of winning or losing something in your mind before you win or lose it in reality is called "The Inner Game."
This is the subject of the book The Inner Game of Tennis (written in the 1970s by W. Timothy Gallwey).
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