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
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 grow. Money invested also helps the economy grow.
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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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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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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....
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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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Other curated ideas on this topic:
Increasing your saving power
One way your savings get to grow really fast is when you receive a lot of money at once. Even though the temptation to go spend everything is bound to appear, you should remember that you have invested all this time into saving for one particular purpose. So why not take this opportunity to help ...
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