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An Economist on the Oscars

The “best” picture of 2012 was Argo

At least that’s the film that won the Oscar for best picture.  According to the Oscars, the decision to give this award to Argo was made by the nearly 6,000 voting members of the Academy of Motion Picture Arts and Sciences. As Oscars.org notes, “the Academy numbers among its members the most gifted and skilled artists and craftsmen in the motion picture world.”

In other words, this choice is made by the “experts.”

There is, though, another group that we could have listened to on Sunday night.  That group would be the people who actually spend money to go to the movies.  According to that group, Marvel’s the Avengers was the “best” picture in 2012. With domestic revenues in excess of $600 million, this filmed earned nearly $200 million more than any other picture. And when we look at world-wide revenues, this film brought in more than $1.5 billion.



The FREAK-est Links

Can big businesses lead us to a cultural revolution? Does the human “inactivity bias” make economic sense? (Earlier) Michael Shermer discusses The Mind of the Market. (Earlier) A guide to betting on the Oscars.