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Share The Land - The Guess Who
Shake your hand, share the land
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".
Rain on the Scarecrow - John Mellencamp
The crops we grew last summer weren't enough to pay the loans
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?
Big Yellow Taxi - Counting Crows
They paved paradise and put up a parkin' lot
They took all the trees, and put em in a tree museum
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.