And … it's gone: the economics of South Park's Margarita (housing bubble) episode
Purpose – The purpose of this paper is to analyze South Park's take on the causes of the recession and the housing bubble. Design/methodology/approach – The essay describes the events in the South Park episode and compares them to the respective events of the recession and the housing bubble. Findings – The authors found that the creators of South Park, albeit only a cartoon, were amazingly accurate in their assessment of the real world issues concerning the recession and the housing bubble. Research limitations/implications – The recession was caused by the Federal Reserve System artificially lowering interest rates, which led to malinvestments in round about directions (housing); this was exacerbated by HUD, CRA, Fannie, Freddie and other governmental subsidies, regulations which also led to the overbuilding of housing. Further research should delve into these causes of the difficulties. Practical implications – The South Park episode, and this paper, serve as an example of what not to do. Originality/value – South Park has been written by libertarians who are sympathetic to Austrian economics. The paper traces out this thesis with regard to the Margarita episode which deals with the housing bubble and its contribution to the present recession.
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Volume (Year): 28 (2012)
Issue (Month): 1 (February)
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- Raj, Madhusudan, 2008. "Mending the Meltdown: Fending off the Interventions and Resurrecting the Market," MPRA Paper 15693, University Library of Munich, Germany.
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