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Oceans Eleven Review

In: Film and Music

Submitted By cschwab
Words 821
Pages 4
OceansCharlie Schwab
Economics
October 20,2013 Ocean’s Eleven Ocean’s Eleven is the classic casino heist movie on which all other robbery movies are put up against. It stars George Clooney, Brad Pitt, Matt Damon and many other well-known actors. At the beginning of the movie Danny Ocean (George Clooney) is released from prison and starts to plan the big job. With the help of Rusty (Brad Pitt), he and Danny assemble a team of nine more people making the famous eleven. They spend most of the movie preparing for the robbery and coming across small problems leading up to the night of the heist. You find out that Danny is robbing the man who is now dating his ex-wife, Tess (Julia Roberts). During the robbery they use multiple different cons to make there way to the vault. They pull a final trick on the security and prerecord the vault robbery and play it so they can escape safely. Finally, Danny gets Tess back to fulfill the Hollywood version of the movie. I chose this movie because is magnifies many of the economic terms that we have been talking about like opportunity cost and unemployment. It is also one of my favorite because it is the original heist movie, while Ocean’s twelve and thirteen aren’t up to par as the first it is still an amazing trilogy. This movie also has one of my favorite actors, Brad Pitt. I mainly liked him Troy but he still did a great. This is also one of the first movies Matt Damon was in, Matt didn’t have one of the major roles of the film but he was one of the eleven. One economic concept in the movie was unemployment and employment. In the beginning of the movie Danny is just getting out of prison, meaning he is reentering the Labor Force because he is also in working the working age population. But while he was in prison he is not considered part of the Labor force. Rusty is part time employed because he works 1 hour a day teaching poker to celebrities. Sal, another one of the eleven is 75 years old taking him out of the working age population. For the other eight members of the crew they are all unemployed because they don’t have jobs that are legal anyway.
Another pair of economic terms that appear in the movie is normal and inferior goods. A normal good is something that you can purchase inside your paycheck and an inferior good is something that you pay below what you normally would. In the movie they want Danny to a job for them but when he cant they must use the inferior person Linus (Matt Damon) instead. Of course the whole reason for the heist is so they can make money and buy more normal goods in their lives instead of settling for inferior goods.
Sunk cost is a big part of Oceans eleven because anything they bought during the time of heist, if they get caught, would be useless. Elliot Gould’s character was supplying the money for the job and if they were caught that would be money he would never get caught.
Opportunity cost is a big part of anything we do because it is just making choices. The three biggest decisions of the movie are Danny’s choice to do the heist, make Linus the lead for a short time and Tess deciding to be with Danny. Danny’s opportunity cost of the heist is either going back to jail that he just got out of or get thirteen million dollars from splitting the 150 million dollars thirteen ways. Since Danny could be recognized in the casino they had to use Linus instead as the main man to get them inside the vault. This shows opportunity cost because if they have Danny do it then he might get caught and completely blow the mission but if they use Linus then he might not be able to pull off the con. The last example is Tess’s decision to be with Danny. She had to choice between a good man that loved money more then her or Danny a convict that loved her a lot.
A big part of the movie is incentives. For all eleven men there is a one hundred and fifty million dollar incentive to not getting caught. Also for Danny a big incentive is trying to get his ex-wife back. Another incentive for Linus is to make a name for himself, his father was apparently a big time crook and now Linus needs make a name for himself.
In the movie there are many different types of unemployment shown. For example Bernie Mac gets fired from the casino, this is example of Frictional unemployment. Another time one of the security men get fired because they didn’t see the heist coming this again an example of frictional unemployment.

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