Microeconomic Principles and Song

Paper Summary:

The principles of microeconomics are not just important to economists and scholars, the principles apply to many aspects of society that impact everyone. Microeconomics considers how goods are produced, how people create their income and how people make decisions to spend that income. In short, microeconomics refers to aspects of life that people encounter every day. With this relevance of microeconomics to everyday life, it is not surprising that principles of economics can be found in many places, including in the lyrics of songs. To illustrate how the principles of microeconomics are referred to in a song, Garth Brooks? "We Shall Be Free" is used as an example. Considering the lyrics of this song, it is seen that various items are mentioned that relate to microeconomics. As well as describing these items, the analysis also extends to a brief discussion of why they are important to people.

From the Paper:

"The lyrics of We Shall Be Free includes the following lines, ?And when money talks for the very last time / And nobody walks a step behind / - / Then we shall be free.? This statement from the lyrics goes against the principles of the market economy and the concept of fairness in the market economy. "When money talks for the very last time" refers to money not having power. The market economy of current society is based on money as power, since money is the means to obtaining necessary and desired goods and services. If money did not "talk" in modern society, why would people work? It is fair to suggest that most people would not work if what they obtained from that work was worthless to them. If people did not work, companies would not be producing the goods that people buy with the money they work for. This illustrates that the lyrics suggest a different view of economics than what society is currently based on. The line "And nobody walks a step behind" also suggests that everyone is equal. "

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