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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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« Previous · Main · Next » Rockin' In The Free World - Neil YoungJEL: j eWe got a thousand points of light Click to ListenAssignment:Economists use GDP to measure the total production in an economy. Sometimes GDP is used as a measure of well-being. However, as Neil Young points out, GDP is not a perfect measure of well being. For example, it is not adjusted for inequality (the homeless man), crime (a kinder, gentler, machine gun hand), and pollution (Styrofoam boxes for the ozone layer). What other factors affect our well being but are not calculated in GDP? If we included these other factors that affect our well being, does GDP over estimate or underestimate our well being? [Provided by Simon Medcalfe (Brenau U.)]
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