Cautionary Tales with Tim Harford "They fall behind and are slowly crushed" - Board Games and Economics with Richard Garfield
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Dec 19, 2025 
Tim Harford chats with Richard Garfield, the brilliant mind behind Magic: The Gathering. They dive into the secrets of game design and economics, exploring why Monopoly fails to critique capitalism. Richard shares his process of creating engaging games, the complexities of collectible markets, and the impact of market crashes on playability. They also ponder the potential of universal basic income as a game-like mechanism for societal fairness. Plus, Richard recommends festive games to enjoy this holiday season!
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Genesis Of Magic
- Richard Garfield recalls the eureka hiking moment that seeded Magic: The Gathering's core idea of players bringing different cards to a game.
- He expected modest trading but was surprised when demand exploded and players bought many packs.
Trading Over Collecting
- Richard dislikes calling Magic a 'collectible' game and prefers 'trading card game' to emphasise player exchange over speculation.
- Speculators have repeatedly distorted gameplay by driving prices so high players couldn't access cards.
UBI As Redistribution Mechanism
- Universal basic income (UBI) can be framed as a mechanism to assign consumption rights when labour loses market value due to automation.
- Taxing capital or issuing vouchers could redistribute automated production, bridging production and consumption gaps.