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

Share The Land - The Guess Who

JEL: h       

Shake your hand, share the land
You know I'll be standing by
To help you if you worry....
[trailing off]
No more sadness, no more sorrow, no more bad times
every day coming sunshine, everyday everybody laughing
walking together by the river, walking together and
laughing, everybody singing together, everybody singing and
laughing, good times good times, everybody walking by the
river now, walking singing talking smiling laughing loving
each other.

Full Lyrics · Click to Listen

Assignment:

This classic 1969/1970 song advocates that we "share the land." Do you think simply sharing the land is likely to lead to the good results suggested in the song ("no more sadness, no more sorrow...")? In writing your answer you might want to consider the idea of the "tragedy of the commons".

"Q" 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?

"Q" Archives

Big Yellow Taxi - Counting Crows

JEL: a q     

They paved paradise and put up a parkin' lot
With a pink hotel, a boutique, and a swingin' hot spot
Don't it always seem to go
That you don't know what you got till it's gone
They paved paradise and put up a parkin' lot

They took all the trees, and put em in a tree museum
And they charged the people a dollar and a half to see them
No, no, no, don't it always seem to go
That you don't know what you've got till it's gone
They paved paradise, and put up a parkin' lot

Full Lyrics · Click to Listen

Assignment:

Big Yellow Taxi was originally written and performed by Joni Mitchell but covered by many other artists such as Bob Dylan, Amy Grant, and the Counting Crows. What trade-offs can you find in the lyrics? Define opportunity cost and give at least three examples found in the song. Finally, many of the problems mentioned in the song could be addressed through the assignment of property rights and an exploration of externalities. Explain how properly-defined property rights create incentives to minimize externalities.