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Monday, November 10, 2008

Economics vs. Monopoly

Monopolyman_2 After writing my post on the deadweight loss of Christmas, I checked the front page of the Undercover Economist blog and found another fun one. I figure since I'm writing posts sucking the fun out of things that should make us happy, why not go after board games, too?

Hartford has  written a (semi) tongue-in-cheek piece about how Monopoly might have fostered the values that led to today's financial crisis for the Washington Post.

An excerpt from the Post's article, Econopoly:

The game is one big property boom, funded by an overly generous central banker – a diagnosis many economists would also apply to the sub-prime crisis. Alan Greenspan, the Fed chairman who presided over the boom, was nine when Monopoly was widely published. It is not known whether he played the game as a child, but he seems to have taken inspiration from it somehow.

Read the rest.

Posted by Janet Neilson on November 10, 2008 in Economic freedom | Permalink

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Comments

Didn't Alan Greenspan learn about printing money from these guys? The More the Merrier...Ho Ho Ho...all is well! :)

Posted by: JC | 2008-11-10 9:45:09 PM


Another issue with Monopoly, is that it treats the economy like a zero sum game. It is not. I wonder if the frenzy that we see as bubbles build comes from the thinking it is a zero sum game.

Posted by: TM | 2008-11-11 10:47:04 AM


TM, I think the misconception that the economy is a zero-sum game is one of the most common and unfortunate out there. Ironically, no one sees government that way, and they call for them to balance out the outcomes.

Posted by: Janet | 2008-11-13 6:20:39 AM



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