It’s easy to see why the Public Theater has chosen William Shakespeare’s--and possibly Thomas Middleton’s, according to some scholars--Timon of Athens as the inaugural productions of its Public LAB SHAKESPEARE series. This rarely performed drama, one of the lesser entries in the Bard’s canon, has definitely taken on a new resonance in these financially troubled times.

Richard Thomas delivers an impressive performance in the title role of an Athenian nobleman who recklessly showers his friends and associates with money and other forms of largesse. When his financial fortunes change, he’s quickly abandoned by nearly everyone in his orbit. In the second act, he has been reduced to a misanthropic, ranting hermit sequestered in a cave.

Director Barry Edelstein’s decidedly irreverent production delivers an almost satirical take on the play. Set in the vaguely contemporary present with its characters wearing tacky, ‘70s era costumes, it depicts a greedy society whose members are besotted by indulgence and excess.

When Timon hosts a dinner party, his guests are served with a bowl of caviar so huge that it rivals Al Pacino’s gargantuan stash of cocaine in Scarface. As entertainment, he presents a screening of the film It’s a Wonderful Life, reciting one of its most famous lines, “No man is a failure who has friends” before the screen changes to reveal a scene from a vintage stag film. As a visual indicator of the fragile state of Timon’s finances, fallen chandeliers litter the floor. And key emotional moments are signaled by the wailings of an electric guitar.

These gimmicky aspects tend to work against the simple power of the play, which despite its lack of complexity nonetheless exerts a certain fascination. Fortunately, the acting makes up for it. Thomas, an inspired choice, is so inherently likeable a performer that Timon’s frantic eagerness to please seems utterly natural, while his descent into bitter, raging madness is all the more powerful.

He receives excellent support from the leading members of the ensemble, including Mark Nelson as Timon’s loyal steward; Max Casella as a cynical philosopher; and Reg E. Cathey as a rebellious military officer. Unfortunately, many of the smaller supporting roles are played as jokey caricatures that are not nearly as amusing as intended.

Credit must go to the Public for presenting this little seen play, especially considering that tickets can be had for the bargain price of only $15. Better act fast, though—the production runs only through this Sunday.

Public Theater, 425 Lafayette St. 212-967-7555. Through Mar. 6. www.publictheater.org