Observe to the readers: This text comprises many spoilers for each The Mummy (1999) and The Mummy Returns (2001).
This 12 months marks the 25th anniversary of the cinematic masterpiece starring Rachel Weisz, Brendan Fraser, and Oded Fehr The Mummy (1999). With books of gold and trowels of metal, the battle between the mum of a excessive priest and the clumsy Egyptologist librarian stole the hearts of a complete era. This action-packed journey film additionally impressed a e book sequence, a number of curler coaster rides, and ONE spectacular sequel (we go away the proof of which it’s to the reader).
Nonetheless, whenever you consider this 1999 cinematic traditional, you can additionally take into consideration the financial themes guiding the conduct and choices of the main characters. Revisiting Hamunaptra gives us with a chance to consider how the financial mind-set can assist us resolve issues – or at the least assist us keep away from the curse of the Hom-Dai. This film has nuances and themes for each the introductory pupil of economics and for the Medjai-like educators who be sure that financial data isn’t used to carry concerning the finish of the world.
Traditional Questions in Economics
Particularly for an introductory pupil of economics, The Mummy and The Mummy Returns current clear examples of subjective worth, rational alternative conduct, trade-offs, and cost-benefit evaluation.
One of many core ideas in economics is that worth is subjective to the person. Rick demonstrates that worth is subjective when he notes within the first movie that “These males are a desert individuals; they worth water, not gold.” We see Rick, Evelyn (Evy), and Jonathan use market alternate to resolve their sudden provide scarcity in The Mummy, though Jonathan gripes about the price of the camels (however – he nonetheless pays for the camels). Market alternate additionally doesn’t require forex, and as an alternative could also be supported by any alternate of products and companies between two or extra events the place gadgets with perceived worth could also be exchanged for the acquire of the individuals.
In The Mummy Returns, we as an alternative see Rick utilizing barter alternate with Izzy to safe passage throughout the desert on Izzy’s airship. The golden scepter that Rick grabbed from Jonathan, catches Izzy’s attentions with Rick’s appeals for assist get him nowhere. The market worth for the gold scepter would doubtless be a lot larger if bought to a jeweler or collector, however Rick has an inelastic demand – they should go away instantly, and have few substitutes for journey. If there have been a whole market with safety in all states of nature, the quantity exchanged for the scepter will surely be greater than the price of one round-trip dirigible flight, however with incomplete markets, the positive aspects from commerce are usually not totally realized.
Most characters in each movies additionally exhibit rational alternative conduct, even when their conduct seems outwardly humorous or ridiculous. For instance, Rick’s previous buddy Beni understands cost-benefit evaluation, at the least within the short-term. When his staff is about to set off a curse by eradicating the sacred jars from a sealed field, he flees the scene relatively than stay the place a possible curse might attain him. Later, the misplaced lives (and organs) of the People who eliminated the jars reveal that Beni made the optimum determination. Beni equally displays rational alternative conduct in working for Imhotep, as the price of dropping his life far outweighs any profit he would obtain from refusing to associate with the undead. Beni additionally displays the results of a excessive time choice, nonetheless, as his give attention to wealth within the current on the threat of his personal life results in his loss of life. You would possibly even say that his financial evaluation has…bugs.
Calculating between the short-term positive aspects of wealth extraction and the long-run positive aspects of an extended life are usually not the one instance of trade-offs on this movie. Commerce-offs are in all places, corresponding to when Evelyn tells Rick to depart her with Imhotep in The Mummy, as he nonetheless wanted to return her to Hamunaptra, buying and selling Rick’s life for her perceived security. Evelyn can also be partaking in recreation principle towards Imhotep and Beni, as she is treating her kidnapping as a multi-period recreation, relatively than a single-period recreation with a special resolution. Equally, in The Mummy Returns, Medjai Ardeth has to decide on between serving to to avoid wasting his pals’ son Alex and warning the Medjai of the upcoming rise of one other immortal monster.
A core precept of economics is that usually, on the sting of the chance frontier, the selection of 1 final result does guarantee you’ll lose one other. For instance, to awaken the Scorpion King, Hafez loses the pores and skin and muscle on his arm so as to place the bracelet into the statue. Hafez might have been in a position to keep away from this destiny if he had been as nicely versed in hieroglyphics and hieratics on the relic bracelet because the Bembridge students or Evelyn. The set of knowledge – be it excellent, imperfect, or uneven – issues for the selection matrix and whether or not we obtain environment friendly outcomes.
Lastly, the movies additionally present good alternatives for dialogue of the damaged window fallacy and sunk prices. When Imhotep destroys Cairo in his quest to finish the curse, some would possibly argue that at the least Cairo might rebuild. Nonetheless, as Frederic Bastiat wrote in What Is Seen and What Is Not Seen, “There is just one distinction between a nasty economist and a very good one: the unhealthy economist confines himself to the seen impact; the great economist takes under consideration each the impact that may be seen and people results that have to be foreseen.” As a substitute of getting to rebuild, Cairo might have as an alternative invested its sources elsewhere, corresponding to human capital funding or innovation. Equally, when Ahm Shere sinks again into the desert, we would lament the lack of such an oasis. Nonetheless, what’s misplaced is misplaced – and the chance value of going after both the wealth of Hamunaptra or Ahm Shere comes with excessive financial prices.
However that’s not all! In our subsequent put up, we’ll flip to extra financial ideas, corresponding to labor markets, comparative benefit, and externalities.
Darwyyn Deyo is an Affiliate Professor of Economics at San José State College.
