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 About UsThis weblog offers a variety of song lyrics that instructors of economics may find useful in teaching economics. Each post includes a selection from the song's lyrics and a brief assignment for students. This site has been accepted for publication in the Journal of Economic Education.Recent Entries
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Search ResultsEntries from From ABBA to Zeppelin, Led tagged with 'Principles'Ghost TownThe Specials sing about "all the clubs have been closed down". What has caused this? That is what factors have shifted demand for clubs and which have shifted supply? Draw representative demand and supply curves. In the introduction to the... Milkshake“It’s better than yours/…/I can teach you/But I’d have to charge.” What sort of market structure is Kelis operating in: price taker, price searcher with low entry barriers, or price searcher with high entry barriers? How would competition affect Kelis’s... Slow MotionIn the song "Slow Motion" we see a young man appearing to make several bad decisions. To many, these decisions are irrational. But are they? Explain the young man's actions as a rational. Your answer should discuss the marginal benefits... Pretty Girl From Cedar LaneThe narrator expresses his decision not to put the effort into trying to win the girl’s love because the more time he spends the less energy he has. How do the marginal benefits and the marginal costs of this effort... Don't Go For The OneAccording to the song, what is Harvey's reservation price for an evening with his friend the narrator, as illustrated by his behavior? What are the opportunity costs of Harvey's activities? Why do people partake in what to outsiders seems like... Girl Your Marginal Benefits...Put yourself in the shoes of the "girl". Should she be pleased at the line "with each passing minute your marginal cost goes up?" Why or why not?... Mercedes BenzJanis Joplin wants a Mercedes Benz in order to keep up with her friends. Economist 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... Money, Money, MoneyEconomists 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... I Want It AllThe 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... The GamblerEvery 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... She Works Hard for the MoneyThis 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... Shitload of MoneyLiz Phair claims, if given the chance, individuals would wish for money. Why might money be the best gift one can give (hint)? If individuals can maximize utility with respect to income better than anyone else acting on his/her behalf,... Pain in the GasIn the lyrics above, the artist complains about high gas prices. In 1918, the at-the-pump price of gas was only 25 cents/gallon. Is gas more expensive now than it was in 1918? Use the Consumer Price Index calculator to compare... Open Up The BorderThis 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]... CapitalismGenerally, 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... 5150What does this song have to do with sunk costs? Explain in your own words. Hat tip: Bryan Caplan... Between Angels and InsectsSelf-regarding behavior is the cornerstone of economic analysis. Recall Adam Smith's famous quote, "It is not from the benevolence of the butcher, baker, or brewer that we expect our dinner, but from their own self interest." Would a world full... If I Had a Million DollarsThis song sings the virtues of having $1M and all that it can buy. However, millionaires are far more common today than when the Barenaked Ladies first released this song in 1992. Use the consumer price index to find the... Cash MachineThis 2005 modern rock hit examines the circular nature of poverty. Recognize the ending? It is a variation of the well-known children’s song, “There’s a hole in my bucket, Dear Liza.” The ballad is especially poignant since if your money... Why Don't You Get a Job?Researchers have questioned whether you can design a welfare system that provides a generous safety net, but not so generous that the effective marginal tax rate that the poor face when contemplating leaving welfare is too onerous. Explain why creating... SatisfactionMick 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... 20 DollarsThis 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... Like A Rolling StoneLosing it all is pretty rare; likewise, striking it rich is rare. But how rare? Go to your textbook or the internet (use a reputable source!) to find out how much income mobility exists in the U.S. economy. How common... Some Days You Gotta DanceWhile most people think of jobs as good things, economists are more likely to think of them as "bads". After reading the lyrics to this song, can you see why?... eBayIn 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... The TaxmanWhat 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... Fly Like An EagleEconomics is sometimes dubbed the dismal science, in part because it emphasizes that there are costs/tradeoffs associated with everything we do. Why, according to economists, is getting people enough food, shoes, housing, etc. actually not as easy as the song... Share The LandThis 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... The TreesIn this song the maples are upset about the "greedy" oaks and demand equality. Do you see any parallels between this song and policy issues such as anti-discrimination laws, affirmative action, set-asides, etc.? In your discussion be sure to highlight... Fat Cats, Bigga FishThe 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... UnemployableWhat does it mean to be 'unemployable'? Is the person who is 'unemployable' more likely to be frictionally unemployed or structurally unemployed? The lyrics state that "this life is sacrifice ... to a stranger's bottom line." To what extent do... The Day The Dollar DiedIn "The Day the Dollar Die", Peter Tosh appears to be longing for a world without money. What would a world without dollars look like? Do you think there would be less corruption or that scarcity would be eliminated in... 40 Hour Week (For A Livin')Lots of people want to be entertainers because they place a high value on fame. What effect might placing a positive value on fame have on wages for the average entertainer? Alabama states "the fruits of their labor are worth... WhoopsWhen 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... Hole In The BucketIn the basic theory of consumer demand, an individual tries to maximize their utility subject to their budget constraint. Increases in income or wealth thus allow individuals to move to a higher indifference curve and a higher level of utility.... Hip 2 Tha SkemeBoots, the lead rapper in the Coup, is making a social commentary when he says, "If everybody in the hood had a Ph.D., You'd say hey Dr. flip that burger, hell it good for me." In a world where everyone... Black Steel in the Hour of ChaosIn "Black Steel in the Hour of Chaos," Chuck D describes going to jail for refusing to report when drafted - otherwise known as conscription. Is conscription less costly from society's viewpoint than a volunteer draft? What role do opportunity... SignsThe song "Signs," originally performed by the Five Man Electrical Band and also covered by Tesla, takes a stand for communal ownership of property. What are the costs and benefits of communal ownership of property? Assume that "keeping mother nature... MoneytalksIn 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.... LuxuriousBecause 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... Piece of CrapIn “Piece of Crap,” Neil Young sings about how everything he buys is junk. With reference to the song, under what conditions do you think consumers are more likely to be disappointed in their purchases? What market mechanisms help to... My Summer VacationIn “My Summer Vacation,” Ice Cube describes selling drugs in St. Louis. Why were financial profits so much higher in St. Louis in the short-run than in Los Angeles? What happened to the profitability (loosely defined) of this activity in... Rain on the ScarecrowIn 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... Rock Island LineIn 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... Open Letter (To A Landlord)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... The Road Not TakenThe song title is borrowed from Robert Frost’s poem of the same name. Read the full lyrics and then read Frost’s The Road Not Taken, both works evoke a sense of loss. Formally transfer this idea into economic language by... In the EndWhat is scarce in the song? Why is time often overlooked compared to the financial cost when making decisions? Can you relate time to elasticity? Is demand more elastic in the short-run or long-run?... Beverly HillsBeverly 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... Baby GirlThis 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... Soak Up the SunNear the middle of the song Sheryl Crow sings, "I'm gonna soak up the sun while it's still free." Comment on the accuracy of this statement from an opportunity cost perspective. What are some of the contrasts mentioned in the... StuffHow 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?... The Wacky World of Mass TransitA 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.... Stick Shifts And Safety BeltsThe singer of this song doesn't like safetybelts because they make it harder to get close to his loved one in the car. Of course, safety belts are a highly effective safety device. Using the language of economics, make the... Boys & GirlsThere is “no such thing as a free lunch” is one of the first lessons in economics. Explain how this principle is applied throughout the song. What are the short-run and long-run trade-offs from accepting financial favors in a relationship?... Big Yellow TaxiBig 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... The Way It Is / ChangesBruce 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... Downeaster AlexaWhat 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... 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