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 screen turns the treadmill right into a pizza-delivery recreation, providing the prospect to gather some digital money alongside the best way.
As a illustration of the grinding repetitiveness of a gig financial system job, the subtext is apparent. Except you’re aged 11, that’s. My son beloved it.
The hamster wheel is a centrepiece of an exhibition all about cash and the financial system: KA-CHING — Present Me the Cash! Together with cash and banknotes, it has interactive quizzes, pictures 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 had been destroying; curious readers might decide up a duplicate of my e book The Undercover Economist Strikes Again if they’re determined to know.)
All in all, KA-CHING! might be the most effective 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 establishing such an establishment, however plainly few curators agree. Whereas museums of science, expertise and pure historical past adorn nice cities all around the world, museums of the financial system are uncommon.
A part of the issue is that economics tends to review massive, diffuse phenomena by an summary lens. Museums flourish when there’s one thing thrilling to have 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 subject material.
The Financial institution of England Museum, for instance, is nice sufficient — spacious, elegant, free to enter — however its topic is basically 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 an amazing massive gold bar inside a Perspex field — you possibly can attain in by a gap and attempt to decide it up. (Copenhagen’s KA-CHING! exhibit provides nearly 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 display financial concepts past cash. There’s an exhibit about alternative and alternative price, an eight-player simulation of a buying and selling pit, a recreation of barter. It sounds enjoyable, even when the museum does additionally comprise a type of accursed lift-the-gold-bar displays.
Might we do higher? Maybe. Once I created my books and radio collection Fifty Issues That Made The Fashionable Economic system, my goal 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 unsure 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 file 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.
If that’s the case, I’d additionally beg the Science Museum for his or her Moniac, a tremendous hydraulic pc designed to simulate the British financial 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; because of the work of archaeologist Denise Schmandt-Besserat, we now consider these tablets to exemplify the simultaneous growth of contracts, accounts, arithmetic and writing itself, all in service of an more and more complicated city financial 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. It’s also one of many few displays that may beat even a T-Rex for the power to encourage sheer awe.
As an 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 displaying how lengthy an individual has to work to afford an hour’s value of fine mild, from the oil lamp (days) to the LED (seconds).
There’s extra we might do, I’m certain. So when you occur to have an empty exhibition house, mates in South Kensington and 1,000,000 quid to burn, we should always discuss.
Written for and first printed within the Monetary Instances on 14 July 2023.
My first youngsters’s e book, The Fact Detective is now out there (not US or Canada but – sorry).
I’ve arrange a storefront on Bookshop within the United States and the United Kingdom. Hyperlinks to Bookshop and Amazon might generate referral charges.