The Hobbit: An unexpected macroeconomic analysis

How would the dragon Smaug's avarice have affected the broader economy of Middle Earth? After poring over JRR Tolkien's "The Hobbit," economists argue that by removing vast quantities of gold from circulation, Smaug's arrival would have triggered a "severe monetary shock." The liberation of the gold, by contrast, risked sparking hyperinflation and widespread political instability, the analysts say.

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New Statesman (London) · Worthwhile Canadian Initiative blog · Bond Vigilantes blog

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