Game of Thrones: Can Night King win with top-down economy?

It was dragons vs. zombies in fiery combat during this week's "Game of Thrones," a battle that likely provides just a hint of what lies ahead in HBO's hit series.

Yet the epic scene also raised an economic question: Can the White Walkers' command-and-control economy defeat their disorganized, squabbling Westerosi opponents?

The Associated Press' economics team explores this question, as well as the growing rivalry between sisters Sansa and Arya Stark, in the latest episode of our audio series, "The Wealth of Westeros." We were joined by Carolyne Larrington , a professor of medieval English literature at Oxford.

This photo provided by HBO shows a scene from the sixth episode of the seventh season of HBO's "Game of Thrones." Dragons fought zombies in a thunderous battle on “Game of Thrones” on Sunday, Aug. 20, 2017, a showdown that provides just a hint of what likely lies ahead in the show’s final season. Yet the battle also raised an economic question: Can the White Walkers' command and control economy defeat their disorganized, squabbling Westerosi opponents? (Courtesy of HBO via AP)

The icy, humanoid White Walkers have mobilized a fearsome, unthinking army of zombies against the population of Westeros, the Europe-like continent where the show mostly takes place. Their top-down, centralized approach can be intimidating from a military perspective. It can also help an economy accelerate temporarily, as the Soviet Union's did after World War II.

But this week's episode provides clues about the shortcomings of this approach. When a White Walker is killed by Jon Snow, all the zombies created by that White Walker also die off.

In other words, in a system with no individual autonomy or decision-making, the White Walker army is useless without its leaders.

By contrast, Jon Snow, Daenerys Targaryen and their compatriots bicker incessantly about strategy, but their less-centralized approach allows individuals like Snow to take risks and make their own decisions. Historically, economies that allow entrepreneurs to do the same have provided greater prosperity than those run from the top down.

Some other highlights from this week's show:

— SISTERLY RIVALRY GETS OUT OF HAND

One surprise this season has been the growing suspicion and ill-will between Sansa and Arya Stark. Both have suffered terribly after their mother and oldest brother were killed at the infamous "Red Wedding," and the scars they bear seem to be pushing them further apart.

This week, Arya attacks Sansa for a letter she wrote — against her will — years earlier, urging her older brother, Robb, to pledge his loyalty to the spoiled, evil King Joffrey.

Larrington, who wrote a book titled "Brothers and Sisters in Medieval European Literature," as well as "Winter Is Coming: the Medieval World of Game of Thrones," said the conflict is unusual for its time, because it doesn't involves a romantic rivalry.

"When sisters fall out in traditional stories like this, it's usually over a man," she said. "They both want the same man," but that's not true in this case.

"It's not like they both want Littlefinger, I mean God forbid," Larrington added. "They're not going to predestined paths like most medieval women would have done, which is getting married at quite a young age. They are actually fighting for power, fighting for self-determination, and it has cost both of them quite a lot."

WINTER IS COMING — AND SO IS CLIMATE CHANGE?

The show's catchphrase, "Winter Is Coming," refers to both the harsh, extended winters that can last for years in Westeros as well as the White Walker invasion. It's long been seen as a metaphor for climate change.

Just like climate change, the threat is two-fold: The people of Westeros have to figure out how to defeat the White Walkers, and also how to convince many of their compatriots that the threat is real.

In "Game of Thrones," the White Walkers haven't appeared for thousands of years, so it's not surprising that many characters on the show regard them as myths.

But even with all our advances in science and communications, it's still difficult to achieve consensus in the United States — and globally — on whether global warming constitutes a serious threat.

DRAGON V. DRAGON

The White Walkers now have their own zombie dragon, after killing one of Daenerys's dragons and capturing its corpse. This raises an interesting question of military strategy that has been studied by economists who specialize in game theory: Now that both sides have weapons of mass destruction, will they hold back from using them, as modern nuclear powers have done? Or will it increase the incentives for one side to strike first?

This is "Game of Thrones" we're talking about, so the safe answer is the latter one.

BUENOS AIRES, Argentina (AP) — Prices in Argentina have surged so dramatically in recent months that the government has multiplied the size of its biggest bank note in circulation by five — to 10,000 pesos, worth about $10.

The central bank announcement Tuesday promised to lighten the load for many Argentines who must carry around giant bags — occasionally, suitcases — stuffed with cash for simple transactions. Argentina's annual inflation rate reached 287% in March, among the highest in the world.

The new denomination note — five times the value of the previous biggest bill — is expected to hit the streets next month in a bid to “facilitate transactions between users," the central bank said. The 10,000 peso note is worth $11 at the country’s official exchange rate and $9 at the black market exchange rate.

Across Argentina, hard currency — specifically, the country’s ubiquitous 1,000-peso notes — remains the most popular way to pay for things. When first printed in 2017, the 1,000-peso note was worth $58 on the black market. Now, it's worth a dollar.

Given the instability unleashed by Argentina's worst financial crisis in two decades, vendors prefer old-fashioned cash payments for big purchases and offer steep discounts to incentivize paper bills over electronic transfers.

Argentina's libertarian President Javier Milei, who took office last December, campaigned on a promise to tame inflation and stabilize the local currency by reversing the policies of past left-leaning governments that printed money to finance public spending.

But in the meantime, his harsh austerity drive has pushed prices up to levels in the U.S. and Europe, adding to the economic woes of ordinary Argentines. A massive nationwide strike, the latest in a series of protests, is planned for Thursday.

Even as annual inflation remains high, Milei cites a gradual slowdown in Argentina's monthly inflation rate since last December to insist his plan is working. Confident consumer prices can continue creeping downward, policymakers lowered the central bank's key interest rate three times last month.

The new 10,000 peso notes feature small artistic portraits of Manuel Belgrano, a founding father of Argentina, and María Remedios del Valle, a Black Argentine woman and army captain who gained fame fighting the country's War of Independence.

Argentina's central bank said it would introduce an even bigger bill — a 20,000-peso note — later this year.

FILE - A vendor arranges vegetables at a market on the outskirts of Buenos Aires, Argentina, Wednesday, Jan. 10, 2024. Prices in Argentina have surged so dramatically in recent months that the government has multiplied the size of its biggest bank note in circulation by five — to 10,000 pesos, worth only about $10. (AP Photo/Natacha Pisarenko, File)