Archive for the ‘ABBA’ tag
Economics lessons from pop songs
From ABBA to Zeppelin examines the lyrics of pop songs and often finds them grappling with economic questions. For example, Queen’s Freddie Mercury is aware of the difficulty in evaluating opportunity costs and time preferences:
I’m a man with a one track mind
So much to do in one lifetime (people do you hear me)
Not a man for compromise and where’s and why’s and living lies
So I’m living it all, yes I’m living it all
And I’m giving it all, and I’m giving it all
[…]
I want it all, I want it all, I want it all and I want it now
An essay question follows:
The 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 present or future? With reference to these lyrics, explain why individuals charge interest for deferring consumption.
Audio samples and full lyrics are available for each entry.
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