Following on from our favourite videos from the Rockonomics student competition, here are some picks from an Advanced Placement course in Economics in the US, where students have worked economics lyrics into popular songs.
Monopoly is the Way to Go
If there’s only one seller of a product and new firms can’t enter the market, competition can’t drive prices down, as explained in this video after some nice black-and-white scene setting. Being a monopoly is nice work if you can get it.
Money quote: “Monopolistic competition, oligopolies / neither of them are efficient allocatively”
Looking at the same topic from a different angle, this is so well-produced it looks like a proper music video. (more…)