EconGoneCountry

Supply and demand with a twang

Title: Are the Good Times Really Over?

​Artist:  Jason Aldean [cover of Merle Haggard] 

Economic Concepts: Standards of living ; Technological advancement ; Durable goods ; Money ; Fiat money ;  Labor force participation rate

Details: This song details things, both culturally and economically, that have changed in the United States over time.  
The title of the song is "Are the Good Times Really Over?" which represents the sentiment of many Americans today.  There is a feeling that the United States is losing ground economically to countries such as China, and that the American Dream is dead.  Some of these fears are ill-founded as technological progress has led to new products which have increased standards of living.  For example, the invention of the microwave has lead to the quick and easy heating of food, which has allowed for more leisure time. 
In the song, however, the invention of the microwave is lamented and some offensive statements about normative gender roles are expressed.  "Before microwave ovens, when a girl could still cook and still would.  The best of the free life behind us now, are the good times really over for good?"  Many women today would be offended by the idea that it is their responsibility to cook dinner, as women working outside of the home has become commonplace since the 1970s.  Specifically, the labor force participation rate for women has increased from 43.3 percent in 1970 to 57 percent in 2017 (U.S. Bureau of Labor Statistics).

        There is also the idea that consumer durables don't last as long as they once did: "Wish a Ford and a Chevy could still last ten years, like they should".  However, a New York Times article from 2012 notes that odometers in the 1960s and 1970s registered no more than 99,999, whereas today cars routinely reach 100,000 miles and some cars log many more miles than that.

        Lastly, today the currency of the United States is not backed by gold or silver, which means we are using fiat money.  "I wish a buck was still silver, it was back when the country was strong."  Discussions can be had about the criteria for money and why fiat money, even though it has no intrinsic value, can still serve as the nation's currency.               

Lyrics: 

​I wish a buck was still silver
It was back when the country was strong
Back before Elvis, before Vietnam war came along
Before the Beatles and yesterday
When a man could still work and still would
Is the best of the free life behind us now
And are the good times really over for good?

And are we rolling downhill like a snowball headed for hell
With no kinda chance for the flag or the liberty bell?
Wish a Ford and a Chevy
Would still last ten years like they should
Is the best of the free life behind us now
And are the good times really over for good?

I wish coke was still cola
And a joint was a bad place to be
It was back before Nixon lied to us all on T.V
Before microwave ovens when a girl could still cook, and still would
Is the best of the free life behind us now
Are the good times really over for good?

Are we rolling downhill like a snowball headed for hell
With no kinda chance for the flag or the liberty bell
Wish a Ford and a Chevy
Would still last ten years like they should
Is the best of the free life behind us now
And are the good times really over for good?

Stop rolling downhill like a snowball headed for hell
Stand up for the flag and let's all ring the liberty bell
Let's make a Ford and a Chevy
That would still last ten years like they should
'Cause the best of the free life is still yet to come
And the good times ain't over for good