From a Keynesian perspective I imagine that J. K. Rowling and the whole Harry Potter series is just great for the economy. So much money spent because of it!
But what about of the Austrian view? I don't think it increased productivity, did it? I don't think we are a wealthier nation thanks to Harry Potter.
Or are we, because all those books and movies are desired consumer goods?
I am sceptical, because I don't think that a string of best sellers will lead us out of this recession, as opposed to an increase in the food or energy supply.
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It's easy to refute an argument if you first misrepresent it. William Keizer
I dont think anybody is making the claim than an increase in the number of hit books/movies will lift us out of the depression.
However I think its problamatic to think that anything that doesnt increase productivity is inherently wasteful. Harry Potter has indeed made us wealtheir because its given us somthing that makes our lives better(or at least fans of Harry Potter's lives better).
I'd also add that the production of books and movies is in itself a sign of prosperity. I write comics, and am able to do because other people are productive enough in making not only good and energy, but also the capital goods I use in my work(computers and programs, ink and paper, etc) that I can spend my time and energy on perfecting my art.