What I’d put in my Museum of the Economy

What I’d put in my Museum of the Economy
What I’d put in my Museum of the Economy

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Above the Viking swords and skeletons, throughout from the enchanting show of classic dollhouses, Denmark’s Nationwide Museum incorporates a human-scale hamster wheel. Guests might climb inside, seize the controls and slowly, arduously, begin to stroll and jog. A digital display turns the treadmill right into a pizza-delivery sport, providing the possibility to gather some digital money alongside the way in which. As a illustration of the grinding repetitiveness of a gig economic system job, the subtext is clear. Until you’re aged 11, that’s. My son beloved it.

The hamster wheel is a centrepiece of an exhibition all about cash and the economic system: KA-CHING — Present Me the Cash! Together with cash and banknotes, it has interactive quizzes, photos of Damien Hirst’s “For The Love Of God” (that diamond-and-platinum cranium) and a video of musicians Jimmy Cauty and Invoice Drummond, aka The KLF, burning 1,000,000 quid on a Hebridean island in 1994. (Alas, I observed no dialogue of the true worth of what Cauty and Drummond have been destroying; curious readers might choose up a replica of my e-book The Undercover Economist Strikes Again if they’re determined to know.)

All in all, KA-CHING! might be the perfect contender I’ve seen for a Museum of the Economic system. Then once more, there isn’t a lot competitors. I’ve lengthy fantasised about organising such an establishment, however evidently few curators agree. Whereas museums of science, know-how and pure historical past adorn nice cities all around the world, museums of the economic system are uncommon.

A part of the issue is that economics tends to review giant, diffuse phenomena by an summary lens. Museums flourish when there’s one thing thrilling to take a look at, whether or not it’s a Spitfire or the skeleton of a T-Rex. Good luck placing “recession” or “funding mania” right into a glass show case.

And so many economy-adjacent museums shrink back from the central material. The Financial institution of England Museum, for instance, is nice sufficient — spacious, elegant, free to enter — however its topic is de facto the Financial institution of England itself. There are exhibitions concerning the constructing’s structure, the heroes and slave-trading villains who paced its corridors and, after all, cash and banknotes and a terrific huge gold bar inside a Perspex field — you may attain in by a gap and attempt to choose it up. (Copenhagen’s KA-CHING! exhibit presents virtually precisely the identical Perspex-cased gold-bar-hefting expertise.)

A brand new e-book, Making Economics Public, features a chapter describing the Economic system Museum of the Federal Reserve Financial institution of St Louis. The Economic system Museum tries to debate and exhibit financial concepts past cash. There’s an exhibit about alternative and alternative value, an eight-player simulation of a buying and selling pit, a sport of barter. It sounds enjoyable, even when the museum does additionally include a kind of accursed lift-the-gold-bar reveals.

Might we do higher? Maybe. After I created my books and radio collection Fifty Issues That Made The Trendy Economic system, my purpose was to point out the hidden financial forces round us by refracting them by on a regular basis innovations.

Not all of them evaluate favourably with a T-Rex, alas. I’m undecided how one would put “the welfare state” in a museum. Maybe a waxwork of William Beveridge would do?

Nor does the index fund lend itself to an exhibit, even when the concept was as soon as praised by the good economist Paul Samuelson as an invention to face alongside “the wheel, the alphabet, Gutenberg printing, and wine and cheese”.

However different objects are extra promising. The V&A properly acquired Thomas Thwaites’s “Toaster Challenge” — a bodily report of his doomed makes an attempt to construct himself a working toaster, beginning with the seek for uncooked supplies. It brilliantly illustrates, by counterexample, the decentralised genius required to construct a mass-market product; maybe my nascent Museum of the Economic system might organize a mortgage from the V&A.

In that case, I’d additionally beg the Science Museum for his or her Moniac, a tremendous hydraulic pc designed to simulate the British economic system. I’d pair it with a short description of the lifetime of its inventor, Invoice Phillips, who had extra adventures than Indiana Jones.

Maybe somebody could possibly be persuaded to provide a cuneiform pill from Mesopotamia; due to the work of archaeologist Denise Schmandt-Besserat, we now consider these tablets to exemplify the simultaneous improvement of contracts, accounts, arithmetic and writing itself, all in service of an more and more advanced city economic system.

Scarcely cheaper could be a printer ink cartridge, the right introduction to concepts corresponding to two-part pricing and switching prices.

A tulip might function a springboard for a dialogue of monetary manias, however a steam locomotive from York’s Nationwide Railway Museum is likely to be extra traditionally correct. Additionally it is one of many few reveals which may beat even a T-Rex for the flexibility to encourage sheer awe.

For example the evils of capitalism, maybe a Bonsack machine — an invention to effectively produce the deadliest product in human historical past, the cigarette.

And on the extra cheerful facet, Norman Borlaug’s starvation-fighting dwarf wheat, and an interactive show exhibiting how lengthy an individual has to work to afford an hour’s value of excellent gentle, from the oil lamp (days) to the LED (seconds).

There’s extra we might do, I’m positive. So when you occur to have an empty exhibition house, mates in South Kensington and 1,000,000 quid to burn, we must always discuss.

Tim Harford’s kids’s e-book, ‘The Reality Detective’ (Wren & Rook), is now obtainable

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