Economists, Crises and Cartoons
David M. Levy
George Mason University - Center for Study of Public Choice
Sandra J. Peart
University of Richmond - Jepson School of Leadership Studies
February 4, 2010
Economists have occasionally noticed the appearance of economists in cartoons produced for public amusement during crises. Yet the message behind such images has been less than fully appreciated. This paper provides evidence of such inattention in the context of the eighteenth century speculation known as the Mississippi Bubble. A cartoon in The Great Mirror of Folly imagines John Law in a cart that flies through the air drawn by a pair of beasts, reportedly chickens. The cart is not drawn by chickens, however, but by a Biblical beast whose forefather spoke to Eve about the consequences of eating from the tree of the knowledge. The religious image signifies the danger associated with knowledge. The paper thus demonstrates how images of the Mississippi Bubble focused on the hierarchy of knowledge induced by non-transparency. Many of the images show madness caused by alchemy, the hidden or "occult."
Number of Pages in PDF File: 31
Keywords: John Law, Alchemy, Mississippi Bubble, cartoons
JEL Classification: B11, B31, N23working papers series
Date posted: February 6, 2010
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