Dorothy as economic theorist

A new way of looking at The Wizard of Oz.

The Wonderful Wizard of Oz is one of the world's best-loved fairytales. As Judy Garland's famous film nears its 70th birthday, how much do its followers know about the story's use as an economic parable?

Dorothy in Kansas conjures up nostalgic thoughts of childhood Christmases hiding behind the sofa from the Wicked Witch of the West. Or those flying monkeys.

It's unlikely its young fans will have been thinking about deflation and monetary policy.

But the story has underlying economic and political references that make it a popular tool for teaching university and high school students - mainly in the United States but also in the UK - about the economic depression of the late 19th Century.