Hemlines are like the economy, so much so that the correlation between the two has been coined "the hemline theory." Dresses and skirts rose to thigh-high proportions in the '20s and the '60s, just as the stock market took a turn for the better. And now, with the economy on shaky ground, the Spring/Summer '08 runways saw the comeback of the maxi skirt. More than just a signal of a conservative market, however, this influx of long skirts seems to be a declaration that showing less leg might actually have more of an impact.

Perhaps no other item of clothing has a more directional history than the skirt. The most accurate use of the garment in taking society's temperature was in the '60s when the mini became the icon not just of fashion but also of freedom. Supposedly created on King's Road by designer Mary Quant [7], the short hemline was popularized by Courrèges and reached rage status on the likes of Jean Shrimpton and Twiggy. So does the proliferation of floor-sweeping styles this season mean that feminism is passé? Or rather, have we reached a point where conservative is synonymous with chic?

When Kris Van Assche [8] showed voluminous prairie skirts with button-down shirts and vests, one couldn't help but be reminded of Nicolette Grant [9], our favorite sister wife from HBO's Big Love, played by Chloë Sevigny. On the one hand, her wardrobe of long skirts and high-necked shirts is the epitome of restraint, but when she lets her French braid down, the manipulative Nicki knows how to get what she wants—and the show itself pushes the limits of appropriate societal behavior.

Fittingly, the latest adaptations of the prairie skirt are anything but staid. Gone are the lace-trimmed petticoats and excessive ruffling, circa 1970s Ralph Lauren, and in their place are sleek, single, or multi-tiered designs like Veronique Branquinho [10]'s—slender silhouettes punctuated with a single flounce at the bottom. The style was an integral element of some collections (like the aforementioned Branquinho and Van Assche), while other designers used it as a dramatic accent: Zac Posen [11]'s prairie was a couture-esque version that ended in a modern, almost architectural ruffle.

The maxi wasn't the only option out on the range though. The spring runways also introduced another iteration in the form of the midi—a full, mid-to-lower calf length design. Prada [12]'s checkered versions, fit for a modern square dance, recalled the garment's Western American history, as did Donna Karan [13]'s midi done in the traditional denim, but updated with oversized pockets. And there were more formal varieties at Marni [14] and Roksanda Ilincic [15], both designers who have the ability to take less-than-sexy shapes and make them feminine. But it was Karl Lagerfeld [16] at Chanel [17] who proved that long does not equal conservative, showing just as much leg as a mini with his sheer skirts.

Whether it indicates a shift in the economy or simply a change in style, the maxi skirt most certainly heralds the return of separates for spring and signals a downturn in the dress market. Vera Wang [18], traditionally known for her evening dresses, pared things down this season, by pairing up big, patterned skirts with silk shirts, fit for a formal. But as with any economic cycle what goes down must come up, and vice versa, so this shift in the skirt could signal a boom, or a bust.

—Meredith Fisher