Music and econ

DoL's Josh Hall now has a website up that uses rock lyrics to teach economic principles. What could be more entertaining? Here's a recent example:

Youngstown - Bruce Springsteen

From the Monongaleh valley
To the Mesabi iron range
To the coal mines of Appalacchia
The story's always the same
Seven-hundred tons of metal a day
Now sir you tell me the world's changed
Once I made you rich enough
Rich enough to forget my name

Assignment:

Thinking like an economist usually involves invoking phrases like 'on the other hand.' This excerpt from Bruce Springsteen's song "Youngstown" suggests that he is owed something for making the plant owners rich. According to economists Paul Gomme and Peter Rupert, labor's share of value-added in the nonfinancial corporate sector is around 74%. Are these perspectives at odds with one another? Please explain.