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"Dirk Mateer" ArchivesAmerican Saturday Night - Brad PaisleyJEL: f o rShe’s got Brazilian leather boots on the pedal of her German car It’s a French kiss, Italian ice Full Lyrics · Click to ListenAssignment:By reflecting on the lyrics in the songs, explain how free trade, limited limited trade barriers, liberal immigration policies, and broader markets, increase human welfare. "Dirk Mateer" ArchivesWelcome To The Future - Brad PaisleyJEL: oMy grandpa was in World War 2 Full Lyrics · Click to ListenAssignment:How does technological progress make us better off? Comment by using the two examples provided in the lyrics. "Dirk Mateer" ArchivesWelcome To The Future - Brad PaisleyJEL: oMy grandpa was in World War 2 Full Lyrics · Click to ListenAssignment:How does technological progress make us better off? Comment by using the two examples provided in the lyrics. "Dirk Mateer" ArchivesShipbuilding - Elvis CostelloJEL: dIs it worth it Its just a rumour that was spread around town Full Lyrics · Click to ListenAssignment:After reading the reading the lyrics describe the sacrifices (opportunity costs) of going to and preparing for war. [Provided by E. Frank Stephenson - Berry College] "Dirk Mateer" ArchivesShe Works Hard for the Money - Donna SummerJEL:Its a sacrifice working day to day Full Lyrics · Click to ListenAssignment:This 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 given after the meal – when it has no impact on the service rendered. Yet most people tip in spite of that fact. Explain why consumer’s tip and under what circumstances you’d expect tips to be less and more generous. "Dirk Mateer" ArchivesBetween Angels and Insects - Papa RoachJEL: b pI just want to be heard loud and clear are my words Full Lyrics · Click to ListenAssignment:Self-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 of "Angels" work as well at providing what people want? What about a world full of "Insects?" Papa Roach seems to be saying that "greed" is a problem. Comment. "Dirk Mateer" ArchivesIf I Had a Million Dollars - Barenaked LadiesJEL: eIf I had a 1,000,000 If I had a 1,000,000 (If I had a 1,000,000) Full Lyrics · Click to ListenAssignment:This 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 equivalent amount of money you'd need to possess today to buy what $1M dollars bought in 1992. Also, there are several items mentioned in the song that money can't buy. Discuss. "Dirk Mateer" ArchivesCash Machine - Hard-FiJEL: e iI scratch a living, it ain't easy There's a hole in my pocket, my pocket, my pocket Full Lyrics · Click to ListenAssignment:This 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 is draining out you can never get ahead! Using the most recent edition of the Statistical Abstract of the United States determine the personal savings rate. Why does a low savings rate matter? "Dirk Mateer" ArchivesWhy Don't You Get a Job? - The OffspringJEL: a e i jHe works his hands to the bone I won't pay, I won't pay ya, no way Full Lyrics · Click to ListenAssignment: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 the right incentives to get productive people to leave welfare is so difficult. "Dirk Mateer" ArchivesSatisfaction - The Rolling StonesJEL: a dWhen I'm drivin' in my car I can't get no satisfaction Full Lyrics · Click to ListenAssignment: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. "Dirk Mateer" Archives20 Dollars - Angie StoneJEL: a d h iCan you loan me 20 dollars Now I'm suppose to take from the child, oh Lord What do you do when you're through Full Lyrics · Click to ListenAssignment: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? "Dirk Mateer" ArchivesNo Man's Land - Bill JoelJEL: h jI've seen those big machines come rolling through the quiet pines Who remembers when it all began Full Lyrics · Click to ListenAssignment:Explain how the forces of supply and demand, steep rent-gradients, taxes, and the Tiebout Hypothesis all combine to drive people away from the more densely populated central city areas (where economies of scale exist) and into the surrounding communities. "Dirk Mateer" ArchivesLuxurious - Gwen StefaniJEL: a e d hThis kind of love is getting expensive Working so hard every night and day Full Lyrics · Click to ListenAssignment: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? "Dirk Mateer" ArchivesThe Road Not Taken - Bruce HornsbyJEL: aDown in the southwest Virginia town of Richlands Full Lyrics · Click to ListenAssignment:The 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 relating each to opportunity cost and sunk cost. "Dirk Mateer" ArchivesIn the End - Linkin ParkJEL: aI designed this rhyme Full Lyrics · Click to ListenAssignment:What 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? "Dirk Mateer" ArchivesBeverly Hills - WeezerJEL: a d rWhere I come from isn't all that great Full Lyrics · Click to ListenAssignment: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. "Dirk Mateer" ArchivesBaby Girl - SugarlandJEL: a dblack top, blue skies big town full of little white lies, Dear Mom and Dad please send money, Full Lyrics · Click to ListenAssignment: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. "Dirk Mateer" ArchivesSoak Up the Sun - Sheryl CrowJEL: a b pMy friend the communist Full Lyrics · Click to ListenAssignment:Near 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 song between the affluent and the poor? "Dirk Mateer" ArchivesStuff - Diamond RioJEL: a dDelivery truck coming up 'round the bend Stuff (stuff) stack it on stack it on up Full Lyrics · Click to ListenAssignment: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? "Dirk Mateer" ArchivesBoys & Girls - Good CharlotteJEL: aPaper or plastic. Vacations and shopping spreez Full Lyrics · Click to ListenAssignment:There 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? "Dirk Mateer" ArchivesBig Yellow Taxi - Counting CrowsJEL: a qThey paved paradise and put up a parkin' lot They took all the trees, and put em in a tree museum Full Lyrics · Click to ListenAssignment: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. "Dirk Mateer" ArchivesThe Way It Is / Changes - Bruce Hornsby / Tupac ShakurJEL: a d lThe Way It Is (1986) – Bruce Hornsby Full Lyrics · Click to ListenAssignment: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? "Dirk Mateer" ArchivesDowneaster Alexa - Billy JoelJEL: a d hNow I drive my Downeaster "Alexa" I was a bayman like my father was before Full Lyrics · Click to ListenAssignment: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? |