Economics and entertainment

Unless you have been living under a rock for the past few days, never look at a newspaper or – like John McCain – don’t know how to use e-mail, you probably have heard at least a little bit about our country’s current economic situation.

Now, I am in no way claiming to be an expert on the economy; I have taken one economics class in my entire college career. But I do know that if the government has to loan $700 billion to Wall Street, things aren’t looking so good.

So, I asked my dad, who was an economics major at IU, what exactly is happening. He threw around some economic jargon and told me to Wikipedia the stuff I didn’t understand.

I guess what it comes down to is that soon, money is going to be very scarce.

That got me thinking. I thought about what would happen to the entertainment industry if the economy tanks. Again, I have a very limited knowledge of economics, but I do have a pretty good hold on the entertainment industry, so here it goes.

I think first off, we would probably see a decline in huge, big-budget blockbusters. The industry would probably shy away from making a movie such as “Titanic,” which cost $200 million to make in 1997, or this summer’s outrageously successful “The Dark Knight,” costing an estimated $180 million to make.

We might also see a change in movie themes.

In a recent conversation, my dad remarked that he had just watched “Sex and the City” with my mom and sister, and that he simply didn’t understand what the big deal was about the movie.

I said the TV show was simply a product of its time, and that when the show was at the peak of its popularity, we were living in a pre-9/11 world and were experiencing an economic surplus. The fact that Carrie was spending $700 for a pair of Manolos didn’t seem so stupid in the late 1990s.

With a recession, the fashion industry is sure to suffer as well. I can’t foresee most people wanting to spend $1,500 for a handbag when the economy is tanking.

With the line between the fashion industry and the entertainment industry continuing to blur, fashion could get hit hard.

Again, I am putting no claim on any vast – or not so vast – knowledge of economics. I am simply offering my opinion for your judgment. If I’m lucky, it could get you thinking.

My thoughts are that soon the financial problems will move from Wall Street to Main Street to Hollywood Boulevard, and that we should all be prepared.

At least, though, we will have the entertainment industry to take our minds off the economic worries.

Who knows, maybe with a tanking economy, movie tickets will get cheaper. That’s something that would be good for us all.