Wednesday, January 25, 2012
Economics in Castaway
Have you ever thought about how movies and television shows incorporate economics into the story plot? Well I found a blog post that talks about how economic aspects are incorporated into the movie Castaway starring Tom Hanks. Castaway is about a Fed Ex employee (Tom Hanks) who is stranded on a deserted island for four years. On this island he is forced to live without specialization, where the most valued jobs get paid the best. This is ironic because his job before landing on the island was delivering special packages around the globe so that people could specialize in their comparative advantage. Also Castaway showed how scarcity of resources effected his goal of survival. In the video found on the blog post, it shows how resources like seeds or communication tools mean more to the person stranded on an island than a person who has those resources around them every day. To a person like the women on the video, bottled water and matches are not as valuable than a thousand dollar necklace. To Tom Hanks in Castaway, water and matches are scarce resources and are probably the most valuable things that could be in their posession. Value is all based on the situtation that a person is in at the moment and the resources that are scarce at the moment.