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"D" ArchivesThousands are Sailing - The PoguesJEL: d f rThe island it is silent now Did you work upon the railroad Did the old songs taunt or cheer you Full Lyrics · Click to ListenAssignment:What is the effect of emigration on the country of origin? What is the effect of immigration on the host country? Do you think most immigrants work (for example on the railroad, or as police officers) or do you think they take government assistance (dollars from the White House)? How quickly do immigrants assimilate into a new country: is it “months and years” or do their teardrops quickly dry? [Provided by Simon Medcalfe (Brenau U.)] "D" ArchivesSupply and Demand - The HivesJEL: d jMy boss he's a probable bore. Full Lyrics · Click to ListenAssignment:Draw a supply and demand diagram that shows the boss receiving “the lions share bliss” while someone who scrubs floors gets much less. In other words, what factors would affect supply and demand such that CEO’s receive 300 times the compensation of average workers? Are CEO’s paid too much? [Provided by Simon Medcalfe (Brenau U.)] "D" ArchivesMoney for Nothing - Dire StraitsJEL: a dNow look at them yo-yo's, that's the way you do it Full Lyrics · Click to ListenAssignment:Mark Knopfler claims that musicians get money for nothing. Do you agree with this statement? Can you get anything for nothing? What are the costs of being a musician? Make sure you discuss the opportunity costs. [Provided by Simon Medcalfe (Brenau U.)] "D" ArchivesSatisfaction - The Rolling StonesJEL: a dWhen I'm drivin' in my car I can't get no satisfaction Full Lyrics · Click to ListenAssignment:Mick Jagger dropped out of the London School of Economics to pursue a career with the Rolling Stones. His decision to quit proves that he learned something about opportunity cost! However, in the song he is never satisfied which is atypical. Most people become satisfied as they do more of something. Explain the theory of diminishing marginal utility and how it is applied throughout the song. "D" Archives20 Dollars - Angie StoneJEL: a d h iCan you loan me 20 dollars Now I'm suppose to take from the child, oh Lord What do you do when you're through Full Lyrics · Click to ListenAssignment:This song places the listener in the uncomfortable position of questioning whether or not they should help someone who asks to borrow a small amount of money. This is what is referred to as the Samaritan’s dilemma. Why does the dilemma have important policy ramifications? What does the song say about the dependency created by charitable handouts? Finally, giving is not costless. What are some of the things that are foregone in order to help others? "D" ArchiveseBay - Weird Al YankovicJEL: a d A used ... pink bathrobe Full Lyrics · Click to ListenAssignment:In this Weird Al parody of The BackStreet Boys' "I Want It That Way", he sings about buying and selling on eBay. In what way does eBay lower the transactions costs to buyers and sellers? eBay's feedback system allows buyers and sellers to rate each other. Why is this kind of information important to the functioning of the market? In other (non eBay) markets, how do buyers and sellers get this kind of information? "D" ArchivesThe Taxman - The BeatlesJEL:Let me tell you how it will be; Should five per cent appear too small, Full Lyrics · Click to ListenAssignment:What is the implied rate of taxation in this Beatles song? Does this seem high to you? For comparison, what was the top marginal tax rate in the U.S. federal income tax code in 1960? In 1980? What incentives do you think are created when tax rates are this high? Why might lower tax rates be better from the standpoint of generating more government revenue? "D" ArchivesFat Cats, Bigga Fish - The CoupJEL: a d hMr. Coke said to Mr. Mayor, "You know we got a process like Ice T's hair. Full Lyrics · Click to ListenAssignment:The song "Fat Cats, Bigga Fish" is about hustling. The rapper Boots thinks he is a hustler, but quickly realizes that he is the one being hustled in the game of life. From a public choice perspective, does the story Boots tells about Mr. Coke and Mr. Mayor's conversation sound compelling? Why does Mr. Mayor care about Mr. Coke's plans since the campaign donations do not directly go into his pocket? Do you think campaign finance reform will solve this type of problem? Why or why not? "D" ArchivesWhoops - Blues TravelerJEL: d h Take a look at the horizon that's right so we can eat well Full Lyrics · Click to ListenAssignment:When I was growing up my mother said not playing with a toy I purchased was wasteful. The lead singer of Blues Traveler, John Popper, is saying that using the land is causing it to go to waste. Which, if either, perspective is correct from an economic perspective? Your answer should discuss the role of property rights in efficient resource usage. Would your answer change if people owned the buffalo? "D" ArchivesMoneytalks - AC/DCJEL: a d Hey lil' girl, CHORUS: Full Lyrics · Click to ListenAssignment:In the song “Moneytalks” by AC/DC, lead singer Brian Johnson is providing a list of financial inducements to a young lady urging her to “listen to the money.” Do you think people think about money when choosing their mates? Explain. Can you speculate as to why prostitution is illegal in most places? "D" ArchivesLuxurious - Gwen StefaniJEL: a e d hThis kind of love is getting expensive Working so hard every night and day Full Lyrics · Click to ListenAssignment:Because income is scarce people must trade current consumption for for future consumption. Since 1950, the average age for retirement has fallen for both men and women. In 1940, the average retiree lived for ten years after retirement. Today, the average retiree lives 18 years in retirement. Comment on how these demographic changes make financing the Social Security system so difficult beyond 2020. Would raising the retirement age for future Social Security recipients be enough to balance the expected shortfall in revenues? "D" ArchivesRain on the Scarecrow - John MellencampJEL: d o qThe crops we grew last summer weren't enough to pay the loans Full Lyrics · Click to ListenAssignment:In the song “Scarecrow” by John Mellencamp, he decries the loss of the family farm. Over the last 100 years, the percentage of the population engaged in farming has declined from over one-third to less than 3 percent. Why do you think this has occurred, and what impact has this had on the overall well-being of Americans? What is the role of bankruptcy in a market economy? If banks do not foreclose on bankrupt farmers, why might this be bad for farmers in general? "D" ArchivesRock Island Line - Johnny CashJEL: d Now, this here’s the story about the Rock Island Line Full Lyrics · Click to ListenAssignment:In the song "Rock Island Line," Johnny Cash discusses the transportation of materials through New Orleans. Why do you think they charged different prices for different prices for different types of transported goods? What do we call this practice in economics and why would firms engage in this? Why did it break down in this case? "D" ArchivesOpen Letter (To A Landlord) - Living ColourJEL: a d rNow you can tear a building down Full Lyrics · Click to ListenAssignment:In markets, resources tend to move to their highest valued use. Evaluate the statement that "they have a value you can't see..." in light of what you know about resource allocation. Construct an economic argument of why apartment residents might not be able to purchase the apartment from the landlord before its demolition, assuming that they value it higher than in an alternative use. (Hint: liquidity constraints) "D" ArchivesBeverly Hills - WeezerJEL: a d rWhere I come from isn't all that great Full Lyrics · Click to ListenAssignment:Beverly Hills, and other affluent communities, are examples of rich enclaves (Forbes, 2005) with markedly higher property values than surrounding areas. What explains why some areas are affluent and other areas nearby are not as well to do? Use substitution and income effects to explain your answer. "D" ArchivesBaby Girl - SugarlandJEL: a dblack top, blue skies big town full of little white lies, Dear Mom and Dad please send money, Full Lyrics · Click to ListenAssignment:This country hit from 2005 highlights the risks associated with venturing out on your own. How credible are the promises of “fancy cars and diamond rings and all sorts of shiny things” when you are new in town? What would make these promises more believable? Who can the singer trust in the song? Why is this trust credible? Use game theory to support your answer. "D" ArchivesStuff - Diamond RioJEL: a dDelivery truck coming up 'round the bend Stuff (stuff) stack it on stack it on up Full Lyrics · Click to ListenAssignment:How much is enough? This is the question that Diamond Rio asks in Stuff. The singer keeps buying and does not get very much additional utility from the new purchases. What economic theory can be used to explain this? "D" ArchivesThe Wacky World of Mass Transit - Del tha Funkee HomosapienJEL: a d When oh when is the bus gonna reach its destination Full Lyrics · Click to ListenAssignment:A good economist, to paraphrase Bastiat, observes both the seen and the unseen. On its face, a bus ride costs only 80 cents. What costs are unseen? Illustrate with examples from the song. "D" ArchivesThe Way It Is / Changes - Bruce Hornsby / Tupac ShakurJEL: a d lThe Way It Is (1986) – Bruce Hornsby Full Lyrics · Click to ListenAssignment:Bruce Hornsby’s original lyrics point to discrimination as a fact of life. Tupac added his own take on the issue of discrimination when he made the claim that “the way it is” forces black society to make poor choices just to survive. How do markets combat discrimination? Do markets reward businesses that discriminate or are they penalized? What happens to the profits of a business if it decides not to hire a qualified worker based on their race? "D" ArchivesDowneaster Alexa - Billy JoelJEL: a d hNow I drive my Downeaster "Alexa" I was a bayman like my father was before Full Lyrics · Click to ListenAssignment:What barriers to entry exist in the fishing industry? Are these barriers significant enough to create firm-specific pricing power? Ocean waters also present a common property problem. If competitors in the fishing industry cannot prevent new entrants into the market and all of the competitors fish the same waters, what are the prospects for long-run profits? |