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March 07, 2009
The Five Principal Exceptions to Gamp's Law of Elemental Transfiguration

Re-reading of Harry Potter and the Goblet of Fire*, I found myself considering that classic fan question: If wizards can use magic, how is it the Weasley's are poor? Megan McArdle hits most of the obvious economic highlights/plotholes of the J.K. Rowlings' oeuvre, dismisses the "I am expecting too much from a children's book" defence (quite right, too) and throws in some class war smears for good measure.
McArdle is not alone. Ilias Yocaris has considered the anarcho-capitalism of the wizarding world; worth the read a self-parodying Le Monde editorial. Daniel Levy and Avichai Snir, by contrast, have put together a less than edifying sounding round up of the political economy of Harry Potter (perhaps the full text of "Popular Perceptions and Political Economy in the Contrived World of Harry Potter " is a better read).
An intractable problem? Far from it. Rowling, perhaps conscious of fan concerns, provides an answer. Stephen Morris explains in reply to a discussion of Harry Potter and monetary policy**.
Beyond Hogwarts provides a handy summary of and conjectures concerning the Five Principal Exceptions to Gamp's Law of Elemental Transfiguration. A more general discussion of magic in Harry Potter may be found at Wikipedia.
* In connection with a project I am working on.
** Good to see The Economist doing a good job again, if only in the comments.
Related economics: It is not so easy to make money from the Potter franchise as one might expect.
Posted by Ghost of a flea at March 7, 2009 07:47 AM