http://divisionoflabour.com/music/ en Copyright 2008 Thu, 13 Mar 2008 13:18:29 -0500 http://www.sixapart.com/movabletype/ http://blogs.law.harvard.edu/tech/rss Robert Frank writes about how people seek status in a game of constantly trying to outdo each other. He has advocated highly progressive taxes in order to reduce the ability of people to seek status by earning more money than others. What do you think of this idea? Assuming people aren’t able to achieve high status by making a lot of money, what other means, good and bad, do you think people might choose to achieve status among their peers?]]> http://divisionoflabour.com/music/2008/03/mercedes_benz.php http://divisionoflabour.com/music/2008/03/mercedes_benz.php Robert A. Lawson Policy Principles Self Interest Taxes Wages Thu, 13 Mar 2008 13:18:29 -0500 The Problem of Social Cost, Ronald Coase talks about the "reciprocal nature of the problem".  What does Coase's insight tell us about how disagreements can be settled efficiently?  What barriers exist to solving these problems efficiently in real life? [Will Luther assisted with this assignment.] ]]> http://divisionoflabour.com/music/2008/02/we_just_disagree.php http://divisionoflabour.com/music/2008/02/we_just_disagree.php Robert A. Lawson Advanced Free Trade Policy Property Rights Wed, 06 Feb 2008 12:45:04 -0500 Economists often use supply and demand curves to illustrate markets. Changes in income, preferences, and the price of a substitute or complement shift demand curves to the left and right. In the lyrics above, lead singer Anni-Frid Lyngstad is tired of the hard work life requires and plans to marry a wealthy man. If successful, how would this marriage change the artist’s demand for goods? How would it change her supply of labor? Illustrate both changes with supply and demand curves. Be sure to explain what is happening in the diagrams. [Will Luther assisted with this assignment.] http://divisionoflabour.com/music/2008/01/money_money_money.php http://divisionoflabour.com/music/2008/01/money_money_money.php Robert A. Lawson Money Principles Self Interest Wages Mon, 14 Jan 2008 18:03:23 -0500 The lyrics above remind us that there is a lot to do in one short lifetime. Freddie Mercury, Queen’s lead singer, asserts that he wants it all and he wants it now. Do you prefer to consume goods in the present or future? With reference to these lyrics, explain why individuals charge interest for deferring consumption. [Will Luther assisted with this assignment.] http://divisionoflabour.com/music/2008/01/i_want_it_now.php http://divisionoflabour.com/music/2008/01/i_want_it_now.php Robert A. Lawson Opportunity Cost Principles Scarcity Mon, 14 Jan 2008 17:55:56 -0500 Every card game operates under a set of rules. These rules allow the players to know how to play the game. Legal institutions, like the rules of a card game, show economic agents “when to hold ‘em” and “when to fold ‘em” with respect to economic decisions. With an example, show how the rules under which individuals act might affect their decisions. What rules are necessary for markets to work well? [Will Luther assisted with this assignment.] http://divisionoflabour.com/music/2008/01/the_gambler_i.php http://divisionoflabour.com/music/2008/01/the_gambler_i.php Robert A. Lawson Development Policy Principles Property Rights Mon, 14 Jan 2008 17:47:36 -0500 This classic Donna Summer song is about a waitress she met at a local restaurant who was working two jobs. Donna could see “she works hard for the money.” Many economists are somewhat puzzled by tipping behavior. The tip is given after the meal – when it has no impact on the service rendered. Yet most people tip in spite of that fact. Explain why consumer’s tip and under what circumstances you’d expect tips to be less and more generous. http://divisionoflabour.com/music/2007/11/she_works_hard_for_the_money_1.php http://divisionoflabour.com/music/2007/11/she_works_hard_for_the_money_1.php Dirk Mateer Principles Self Interest Wages Mon, 19 Nov 2007 16:43:06 -0500 hint)? If individuals can maximize utility with respect to income better than anyone else acting on his/her behalf, why are non-monetary gifts ever given? Why don’t the presumed actions of the artist’s friends line up with what they say or “the way they see it”? In the real world, why might individuals hide their true preferences? Give examples. [Will Luther assisted with this assignment.]]]> http://divisionoflabour.com/music/2007/11/shitload_of_money_liz_phair.php http://divisionoflabour.com/music/2007/11/shitload_of_money_liz_phair.php Robert A. Lawson Money Principles Scarcity Self Interest Utility Wed, 07 Nov 2007 14:28:30 -0500 knowledge. How would this knowledge problem affect a policymaker’s ability to spend tax dollars efficiently? [Will Luther assisted with this assignment.] ]]> http://divisionoflabour.com/music/2007/11/id_love_to_change_the_world_te.php http://divisionoflabour.com/music/2007/11/id_love_to_change_the_world_te.php Robert A. Lawson Advanced Knowledge Policy Taxes Wed, 07 Nov 2007 14:23:37 -0500 Consumer Price Index calculator to compare prices. Explain the difference between real and nominal prices and use these terms in your response. [Will Luther assisted with this assignment.] ]]> http://divisionoflabour.com/music/2007/11/pain_in_the_gas_billy_ray_cyru.php http://divisionoflabour.com/music/2007/11/pain_in_the_gas_billy_ray_cyru.php Robert A. Lawson Inflation Principles Wed, 07 Nov 2007 14:16:30 -0500 In this excerpt, Coolio suggests that he would rap for no money. Draw a representative labor supply curve. [HT: Julianne Treme] http://divisionoflabour.com/music/2007/10/1_2_3_4_sumpin_new_coolio.php http://divisionoflabour.com/music/2007/10/1_2_3_4_sumpin_new_coolio.php Hip-Hop J JEL Codes Joshua Hall Musical Genres Wages Thu, 25 Oct 2007 15:29:10 -0500 Rings and Promises" by Margaret Brinig (Journal of Law, Economics, and Organization 1990). Why might diamond wedding rings persist given that increased career opportunities for women have eliminated much of the need for a 'wedding bond'? Do you see the diamond engagement ring disappearing over time? Why or why not? [HT: S. Yopp]]]> http://divisionoflabour.com/music/2007/09/diamonds_are_a_girls_best_frie.php http://divisionoflabour.com/music/2007/09/diamonds_are_a_girls_best_frie.php Author Archives JEL Codes Joshua Hall Advanced Self Interest Sun, 02 Sep 2007 20:09:08 -0500 This song is an ode to open borders. List some of the benefits of open borders described in the song. Do you think you could live without "fine Darjeeling?" How might truly closed borders affect your consumption? [HT: Carl Oberg] http://divisionoflabour.com/music/2007/08/open_up_the_border.php http://divisionoflabour.com/music/2007/08/open_up_the_border.php Author Archives F JEL Codes Joshua Hall Free Trade Principles Fri, 31 Aug 2007 14:50:48 -0500 Paul Gomme and Peter Rupert, labor's share of value-added in the nonfinancial corporate sector is around 74%. Are these perspectives at odds with one another? Please explain.]]> http://divisionoflabour.com/music/2007/03/youngstown.php http://divisionoflabour.com/music/2007/03/youngstown.php A Author Archives J JEL Codes Joshua Hall Advanced Development Unemployment Urban Decline Thu, 29 Mar 2007 15:34:59 -0500 Generally, profit accrues to individuals when the value of a good produced and sold is greater than the value of other goods that could have been produced with those same resources. From this perspective, the pursuit of profits adds value to society. Why do think people might be against profit-making? Who do you think made the world a better place, Bill Gates or Mother Teresa? Explain your answer with reference to what you mean by 'a better place.' http://divisionoflabour.com/music/2007/03/capitalism.php http://divisionoflabour.com/music/2007/03/capitalism.php A Author Archives JEL Codes Joshua Hall Musical Genres P Pop Free Trade Principles Profit Self Interest Thu, 29 Mar 2007 15:16:34 -0500 Bryan Caplan]]> http://divisionoflabour.com/music/2007/03/5150.php http://divisionoflabour.com/music/2007/03/5150.php A Hard Rock JEL Codes Joshua Hall Musical Genres Rock Principles Sunk Costs Thu, 29 Mar 2007 15:04:27 -0500