How An Economy Grows And Why It Crashes (Peter Schiff)

The field of economics has not made much progress compared to other academic fields in the past century. The primary goal of an economy is to increase productivity, which can be achieved through savings, innovation, and risk-taking. Savings benefit everyone in an economy and can be used for business loans or investments. Comparative advantages, where workers specialize in what they are best at, increase the productivity of the economy. The government should only provide services that are poorly provided by the free market, such as personal safety and justice. Banks allow for safe saving and more educated decision-making on how savings should be allocated. Inflation is harmful to the economy as it incentivizes spending instead of saving.