Thursday, April 05, 2007

Keep on Rocking in the Free Market

A blog devoted to using song lyrics to teach economics:
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.
I suppose this is what Mick Jagger would be doing if he had stayed at the London School of Economics.

[link fixed a year and a half later]

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