The Wizard of Oz as Monetary Allegory | Organizations and Markets

The Wizard of Oz as Monetary Allegory

6 November 2006 at 6:54 pm Peter G. Klein Leave a comment

| Peter Klein |

In recent remarks on literature in economic discourse (here and here) I forgot to mention Hugh Rockoff’s classic “The ‘Wizard of Oz’ as a Monetary Allegory” (Journal of Political Economy, August 1990):

The Wonderful Wizard of Oz, perhaps America’s favorite children’s story, is also an informed comment on the battle for free silver in the 1890s. The characters in the story represent real figures such as William Jennings Bryan. This paper interprets the allegory for economists and economic historians, illuminating a number of elements left unexplained by critics concerned with the politics of the allegory. It also reexamines Bryan and the case for free silver. Far from being monetary cranks, the advocates of free silver had a strong argument on both theoretical and empirical grounds.

Another good resource is Michael Watts’s The Literary Book of Economics (Intercollegiate Studies Institute, August 2003).

Entry filed under: - Klein -, Business/Economic History, Methods/Methodology/Theory of Science.

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