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Can economics help explain Europe’s deadly witch trials?

October 28, 2026
Can economics help explain Europe’s deadly witch trials?

Hundreds of years ago, across Europe - from Germany to Scandinavia, France to Britain - tens of thousands of mostly women were executed, accused of being witches. The persecution reached its height in the 16th and 17th centuries. But why? And could economics help explain the hysteria?


Hosts Gillian Tett and Robin Wigglesworth are joined by Brown University economist Emily Oster, whose research explores whether colder temperatures during the Little Ice Age led to economic hardship and an increased number of witch trials. They discuss how Oster used historical weather and witch trial data to investigate the connection, how evolving economic data changes our perceptions of history and what Europe's witch hunts reveal about scapegoating.


Further reading:

Witchcraft, Weather and Economic Growth in Renaissance Europe, The Journal of Economic Perspectives, by Emily Oster

Witch Trials, The Economic Journal, by Peter T. Leeson and Jacob W. Russ

Malleus Maleficarum, by Heinrich Kramer


To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: https://www.youtube.com/@FTTheStoryOfMoney


Hosts: Gillian Tett & Robin Wigglesworth

Producer: Lulu Smyth

Senior producer: Michela Tindera

Executive producer: Kate Ford

Original music and sound design: Breen Turner

Video editor: Michael Saliba

Podcast development: Laura Clarke

FT global head of audio: Flo Phillips


Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com.


Read a transcript of this episode on FT.com


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