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"Q" ArchivesShare The Land - The Guess WhoJEL: hShake your hand, share the land Full Lyrics · Click to ListenAssignment: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" ArchivesRain on the Scarecrow - John MellencampJEL: d o qThe crops we grew last summer weren't enough to pay the loans Full Lyrics · Click to ListenAssignment: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" 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. |