The Macroeconomics of Middle Earth
Jan. 4th, 2013 06:09 pm![[personal profile]](http://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
james_davis_nicollSmaug the dragon is typically viewed as a fiscal phenomenon, depressing economic activity by burning woods and fields, killing warriors, eating young maidens, and creating general waste and destruction. Yet peoples - whether elvish, dwarvish, or human - have considerable capacity to rebuild. Why did the coming of Smaug lead to a prolonged downturn in economic activity, rather than a short downturn followed by a period of rebuilding and growth?
