From ABBA to Led Zeppelin: using music to teach economics
From ABBA to Led Zeppelin: using music to teach economics
"D" Archives

Thousands are Sailing - The Pogues

JEL: d f r   

The island it is silent now
But the ghosts still haunt the waves
And the torch lights up a famished man
Who fortune could not save

Did you work upon the railroad
Did you rid the streets of crime
Were your dollars from the white house
Were they from the five and dime

Did the old songs taunt or cheer you
And did they still make you cry
Did you count the months and years
Or did your teardrops quickly dry

Full Lyrics · Click to Listen

Assignment:

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" Archives

Supply and Demand - The Hives

JEL: d j     

My boss he's a probable bore.
Put me hands and knees on scrubable floor.
Do it right receive the lions share bliss.
Know all too well just where that ration is.
Learned a lot about the company doe.
Learned less about receiving it though.
Saw how it came to those who always sat pretty.
Don't need it.
Supply and demand.

Full Lyrics · Click to Listen

Assignment:

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" Archives

Money for Nothing - Dire Straits

JEL: a d     

Now look at them yo-yo's, that's the way you do it
You play the guitar on that MTV
That ain't workin', that's the way you do it
Money for nothin' and your chicks for free
Now that ain't workin', that's the way you do it
Lemme tell ya, them guys ain't dumb
Maybe get a blister on your little finger
Maybe get a blister on your thumb

Full Lyrics · Click to Listen

Assignment:

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" Archives

Satisfaction - The Rolling Stones

JEL: a d     

When I'm drivin' in my car
And that man comes on the radio
He's tellin' me more and more
About some useless information
Supposed to fire my imagination
I can't get no, oh no no no
Hey hey hey, that's what I say

I can't get no satisfaction
I can't get no satisfaction
'Cause I try and I try and I try and I try
I can't get no, I can't get no

Full Lyrics · Click to Listen

Assignment:

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" Archives

20 Dollars - Angie Stone

JEL: a d h i 

Can you loan me 20 dollars
'Till I get my check next week
Said I only got 20 dollars
And me and my baby got to eat

Now I'm suppose to take from the child, oh Lord
Make it harder on me just to make it worth your while
Now honey, I don't think so
Cuz you ain't pay me back the ten-spot
From three weeks ago, no

What do you do when you're through
When you're always helping people and
Nobody's there for you (Tell me)
What can I do or say
When you constantly staring in my face

Full Lyrics · Click to Listen

Assignment:

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" Archives

eBay - Weird Al Yankovic

JEL: a d     

A used ... pink bathrobe
A rare ... mint snowglobe
A Smurf ... TV tray
I bought on eBay
.
.
.
I'll buy ... your knick-knack
Just check ... my feedback
"A++!" they all say
They love me on eBay

Full Lyrics · Click to Listen

Assignment:

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" Archives

The Taxman - The Beatles

JEL:        

Let me tell you how it will be;
There's one for you, nineteen for me.
'Cause I’m the taxman,
Yeah, I’m the taxman.

Should five per cent appear too small,
Be thankful I don't take it all.
'Cause I’m the taxman,
Yeah, I’m the taxman.

Full Lyrics · Click to Listen

Assignment:

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" Archives

Fat Cats, Bigga Fish - The Coup

JEL: a d h  

Mr. Coke said to Mr. Mayor, "You know we got a process like Ice T's hair.
We put up the fund for your election campaign
And, oh um, waiter can you bring the champagne.
Our real estate firms said opportunities arousing
To make some condos out of low-income housing
Immediately we need some media heat
To say that gangs run the street and then we bring in the police
Harrasing everybody till they look inebriated
When we buy the land mother****** will appreciate it
Dont worry about the Urban League or Jesse Jackson
My man that owns Marlboros
Donated a fat sum"

Full Lyrics · Click to Listen

Assignment:

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" Archives

Whoops - Blues Traveler

JEL: d h     

Take a look at the horizon
Quiet and still
You know there used to be bison
Gentlemen you may fire at will
They say this land won't go to waste
But you gotta wonder how
You know we're chopping down the air we
breathe
As fodder for the cow

that's right so we can eat well
Yes and starve to death
And say there's nothing we can do

Full Lyrics · Click to Listen

Assignment:

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" Archives

Moneytalks - AC/DC

JEL: a d     

Hey lil' girl,
You want it all
The furs, the diamonds,
The paintin' on the wall!

CHORUS:
C'mon, c'mon! Love me for the money!
C'mon, c'mon! Listen to the moneytalk!
C'mon, c'mon! Love me for the money!
C'mon, c'mon! Listen to the moneytalk!

Full Lyrics · Click to Listen

Assignment:

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" Archives

Luxurious - Gwen Stefani

JEL: a e d h 

This kind of love is getting expensive
We know how to live baby
We're luxurious like Egyptian cotton

Working so hard every night and day
And now we get the pay back
Trying so hard saving up the paper
Now we get to lay back

Full Lyrics · Click to Listen

Assignment:

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" Archives

Rain on the Scarecrow - John Mellencamp

JEL: d o q   

The crops we grew last summer weren't enough to pay the loans
Couldn't buy the seed to plant this spring and the Farmers Bank foreclosed
Called my old friend Schepman up to auction off the land
He said John it's just my job and I hope you understand
Hey calling it your job ol' hoss sure don't make it right
But if you want me to I'll say a prayer for your soul tonight

Full Lyrics · Click to Listen

Assignment:

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" Archives

Rock Island Line - Johnny Cash

JEL: d       

Now, this here’s the story about the Rock Island Line
Well, The Rock Island line, she runs down into New Orleans
There’s a big toll gate down there
And, y’ know, if you got certain things on board
When you go through the toll gate
Well you don’t have to pay the man no toll

Full Lyrics · Click to Listen

Assignment:

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" Archives

Open Letter (To A Landlord) - Living Colour

JEL: a d r   

Now you can tear a building down
But you can't erase a memory
These houses may look all run down
But they have a value you can't see...
This is my neighborhood
This is where I come from
I call this place my home
You call this place a slum
You wanna run all the people out
This what you're all about
Treat poor people just like trash
Turn around and make big cash

Full Lyrics · Click to Listen

Assignment:

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" Archives

Beverly Hills - Weezer

JEL: a d r   

Where I come from isn't all that great
My automobile is a piece of crap
My fashion sense is a little whack
And my friends are just as screwy as me
I didn't go to boarding schools
Preppie girls never looked at me
Why should they?
I ain't nobody
Got nothing in my pocket
Beverly Hills
That's where I want to be
Livin' in Beverly Hills
Beverly Hills
Rolling like a celebrity
Livin' in Beverly Hills

Full Lyrics · Click to Listen

Assignment:

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" Archives

Baby Girl - Sugarland

JEL: a d     

black top, blue skies big town full of little white lies,
everybody’s your friend, you can never be sure,
they'll promise fancy cars and diamond rings and all sorts of shiny things,
but girl you'll remember what your knees are for

Dear Mom and Dad please send money,
I'm so broke that it ain't funny,
well I dont need much just enough to get me through,
please dont worry cause I'm alright,
see I'm playing here at the bar tonight
well in this town I'm going to make our dreams come true.
well I love you more than anything in the world,
love your baby girl

Full Lyrics · Click to Listen

Assignment:

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" Archives

Stuff - Diamond Rio

JEL: a d     

Delivery truck coming up 'round the bend
Beep, beep, beep, just backing in
Sign here and here and here again
'Cause it's no money down no payments till
Your whole place is cram packed filed with

Stuff (stuff) stack it on stack it on up
(Stuff) never gonna ever get enough (stuff)
Oh it's treasure till it's mine then it ain't worth a dime
It's stuff (stuff) spreading like weeds
Dragging me under in an endless sea of stuff
(Stuff) There ain't no end
Got to get a bigger place so I can move in
More stuff

Full Lyrics · Click to Listen

Assignment:

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" Archives

The Wacky World of Mass Transit - Del tha Funkee Homosapien

JEL: a d     

When oh when is the bus gonna reach its destination
Question over space and time
Wastin' time
Word up, I can't take this line of nitwits
I'm about to have a fit quick
'Cause this trip here is making me car sick
Check out the brother with the loaded .38
Braggin' to his buddies about the money that he makes
Sellin' crack viles like pancakes
To baseheads just like the one
That's sittin by the window starvin' for a fix
He spent his last 80 cents on fare
He raises up and lets me get in his chair
Then I sit and take a snooze
But I still lose
'Cause I cruise right past my stop
Had to get off and walk 15 blocks. . .

Full Lyrics · Click to Listen

Assignment:

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" Archives

The Way It Is / Changes - Bruce Hornsby / Tupac Shakur

JEL: a d l   

The Way It Is (1986) – Bruce Hornsby


They say hey little boy you can't go
Where the others go
'Cause you don't look like they do
Said hey old man how can you stand
To think that way
Did you really think about it
Before you made the rules
He said, Son


That's just the way it is
Some things will never change
That's just the way it is
But don't you believe them


and the remake, Changes by Tupac Shakur (1999)


Come on come on
I see no changes. Wake up in the morning and I ask myself,
"Is life worth living? Should I blast myself?"
I'm tired of bein' poor and even worse I'm black.
My stomach hurts, so I'm lookin' for a purse to snatch.
Cops give a damn about a negro? Pull the trigger, kill a nigga, he's a hero.
Give the crack to the kids who the hell cares? One less hungry mouth on the welfare.
First ship 'em dope & let 'em deal the brothers.
Give 'em guns, step back, and watch 'em kill each other.
"It's time to fight back", that's what Huey said.
2 shots in the dark now Huey's dead.
I got love for my brother, but we can never go nowhere
unless we share with each other. We gotta start makin' changes.
Learn to see me as a brother 'stead of 2 distant strangers.
And that's how it's supposed to be.
How can the Devil take a brother if he's close to me?
I'd love to go back to when we played as kids,
but things change, and that's the way it is.


(full lyrics)

Full Lyrics · Click to Listen

Assignment:

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" Archives

Downeaster Alexa - Billy Joel

JEL: a d h   

Now I drive my Downeaster "Alexa"
More and more miles from shore every year
Since they tell me I can't sell no stripers
And there's no luck in swordfishing here.

I was a bayman like my father was before
Can't make a living as a bayman anymore
There ain't much future for a man who works the sea
But there ain't no island left for islanders like me

Full Lyrics · Click to Listen

Assignment:

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?