Potterian economics

Daniel Levy () and Avichai Snir
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Avichai Snir: Department of Banking and Finance, Netanya Academic College, Israel

Working Paper series from Rimini Centre for Economic Analysis

Abstract: Recent studies in psychology and neuroscience offer systematic evidence that fictional works exert a surprisingly strong influence on readers and have the power to shape their opinions and worldviews. Building on these findings, we study ‘Potterian economics’, the economic ideas, insights and structure, found in Harry Potter books, to assess how the books might affect economic literacy. A conservative estimate suggests that more than 7.3% of the world’s population has read the Harry Potter books, and millions more have seen their movie adaptations. These extraordinary figures underscore the importance of the messages the books convey. We explore the Potterian economic model and compare it to professional economic models to assess the consistency of the Potterian economic principles with the existing economic models. We find that some of the principles of Potterian economics are consistent with economists' models. Many other principles, however, are distorted and contain numerous inaccuracies, contradicting professional economists' views and insights. We conclude that Potterian economics can teach us about the formation and dissemination of folk economics—the intuitive notions of naïve individuals who see market transactions as a zero-sum game, who care about distribution but fail to understand incentives and efficiency and who think of prices as allocating wealth but not resources or their efficient use.

Keywords: popular opinion; Potterian economy; Harry Potter; economic and financial literacy; folk economics; social organization of economic activity (search for similar items in EconPapers)
JEL-codes: A13 A20 D72 D73 H00 H11 I20 P16 P48 Z11 (search for similar items in EconPapers)
Date: 2022-08
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Published in Oxford Open Economics, 1:1-32, 2022

Downloads: (external link)
http://rcea.org/RePEc/pdf/wp22-09.pdf

Related works:
Journal Article: Potterian economics (2022)
Journal Article: Potterian Economics (2022)
Working Paper: Potterian Economics (2022)
Working Paper: Potterian Economics (2022)
Working Paper: Potterian Economics (2022)
Working Paper: Potterian Economics (2017)
Working Paper: Potterian Economics (2017)
Working Paper: Potterian Economics (2017)
Working Paper: Potterian Economics (2017)
Working Paper: Potterian Economics (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:rim:rimwps:22-09

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