EconGoneCountry

Supply and demand with a twang

Title: Rich and Miserable

​Artist: Kenny Chesney

Economic Concepts: Economics ; GDP ; Standard of living ; Leisure ; Human capital ; Student loan debt ; Conspicuous consumption ; Social class 

Details: In general, countries with higher levels of GDP per capita have higher standards of living.  This is why economists view GDP as the best objective way to measure economic growth and standards of living.  Economists also realize the shortcomings of GDP and that it doesn't measure happiness, health, lifespan, leisure, and other factors such as environmental quality.  In the United States, the competition can be intense for jobs and promotions, which leaves many feeling like they're running a rat race.  "We're all lost on the yellow brick road.  We climb the ladder but the ladder just grows.  We're born, we work, we die, it's spiritual.  Enough is never enough…We won't be happy 'til we're rich and miserable."  As people get caught up in work in an attempt to move up the corporate ladder, they sacrifice family and leisure time.  "Too busy to call our mamas."

        Another interesting aspect of the song is the focus on conspicuous consumption.  Part of the motivation of working hard and earning a high income is to have the latest and greatest consumer goods, which may or may not provide much utility to individuals.  Furthermore, part of our motivation is to "Keep up with the Joneses" and make our social class known to others.  "Enough is never enough.  Right wing blue jean, gotta get the new thing.  Whatever it takes to make the world look at you, think."

        A growing concern in the United States is the value of a college education and whether the obtainment of additional human capital is worth the student loan debt.  "Go to school to get a job.  Don't make enough to pay it off."  Although it is true that the cost of higher education has greatly outpaced inflation and student loan debt has reached record levels, the idea that college is no longer worth it is not true.  Show your students some statistics on lifetime earnings of college graduates, and unemployment rate and median annual earnings by education level.  From examining the data, one could argue the value and premium of a college education is greater now than ever.            

Lyrics: 
Green grass, help the cows graze, hedgefund 401
Keg and milk and honey in the land of the free
New York Times, Farmer's Almanac
Too busy to call our mamas
Back porch ain't what it used to be
We don't know what we want
But we want it and we want it all right now

​We're too young until we're too old
We're all lost on the yellow brick road
We climb the ladder but the ladder just grows
We're born, we work, we die, it's spiritual
Enough is never enough
American dream never wakes up
Too much is never too much
We won't be happy 'til we're rich and miserable

​Go to school to get a job
Don't make enough to pay it off
And on and on it goes
Right wing blue jean, gotta get the new thing
Whatever it takes to make the world look at you, think

​We're too young until we're too old
We're all lost on the yellow brick road
We climb the ladder but the ladder just grows
We're born, we work, we die, it's spiritual
Enough is never enough
American dream never wakes up
Too much is never too much
We won't be happy 'til we're rich and miserable

​And maybe we'll get it (maybe we'll get it)
Maybe we won't (maybe we won't)
But even when we get it (but even when we get it)
Really we don't

​We're too young until we're too old
We're all lost on the yellow brick road
We climb the ladder but the ladder just grows
We're born, we work, we die, it's spiritual
Enough is never enough
American dream never wakes up
Too much is never too much
We won't be happy 'til we're rich and miserable

​Come on, get rich and miserable
Come on, get rich and miserable