Follow the yellow brick road

Definitely an oldie but a goodie: in a 1990 paper for Journal of Political Economy, Hugh Rockoff put together a marvelous reading of L. Frank Baum’s Wonderful Wizard of Oz (1900) as an allegory of the pros and cons of bimetallism as a progressive-era monetary policy (caveat lector: there are some scannos in this copy of the paper). (The Free Silver crowd argued for the [inflationary] return to silver coinage as a means to break out of the U.S.’s late-19th-century deflation.) Those of us familiar only with the 1939 film version might scoff, but when Rockoff reminds us that Baum gave Dorothy silver slippers to wear, not ruby, as she skipped along the golden road—well, the parallels begin to line up. My favorite is the explanation of Dorothy’s vanquishing the Wicked Witch of the West (William McKinley) with a bucket of water: in an era when dryland farmers of the Plains west of the 100th meridian claimed that just a little more rain would make their lands bloom, it all makes sense.

(Ah, it turns out that Rockoff was anticipated by Quentin Taylor and others.)

N. Gregory Mankiw, Principles of Economics, 7/e

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