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Irrational Agents of Venice

by AdrianFohr

A businessman and a Jewish merchant agree to an amount to be loaned and an amount to be repaid. Shockingly, the Jewish moneylender requires a pound of flesh to be the forfeit of not repaying the agreed amount. The businessman says that he has three ships arriving which each will bring him more than he needs, so he is not bothered by the outrageous terms. Notably, it isn't plausible that a business person would make such an agreement. It is simply a racist way of writing a Jewish character. It is more likely that a business person would want something of value as collateral. (To Shakespeare's credit, some scholars say that Shakespeare wrote the play to be a criticism of anti-Jewish racism). While economics may lead people to make counter-intuitive moral prescriptions, economists are widely anti-racists. Economists see racism as an irrationality. In fact, the term 'the Dismal Science,' was applied to economics because economists were calling for racial equality at a time when racism was much more common. To learn more, follow the link. http://marginalrevolution.com/marginalrevolution/2011/01/the-ethics-of-economics.html

Irrational Agents of Venice

A man borrows money from lender. They agree on the terms of the deal.The collateral is shockingly violent! Mateer, G. Dirk, Herman Li, and E. Frank Stephenson. Movies For Econ! G. Dirk Mateer, n.d. Web. 3 Aug. 2013. <http://www.moviesforecon.com/>

from The Merchant of Venice (2004)
Creator: Michael Radford
Distributor: Sony Pictures Classics
Posted by AdrianFohr
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