Hamilton the Musical Teaches About Labor Supply Curve
Economic Lessons from Broadway Songs: Take a Break from Hamilton
I’ve started a new series presenting economic lessons from Broadway songs on my YouTube channel. Each week I’ll be posting clips from a song and presenting the lessons.
What economic lessons can we learn from Hamilton: The Musical? In this video we examine the song "Take a Break" and how it teaches about the Labor-Leisure Tradeoff and how the labor supply curve is different from most conventional supply curves.
This occurs because as people become more successful, they can afford more leisure time but the average cost of an hour of leisure is also higher. These two forces counteract each other and cause the labor supply curve to sometimes be “backward-bending”.
This is part of a series of videos I'm dropping highlighting economic lessons from Broadway songs. Each Monday at 1:00 PM I'll be dropping new videos through mid-February.
Information on Hamilton: The Musical (from ChatGPT): Hamilton is a groundbreaking and critically acclaimed musical that revolutionized Broadway. This hip-hop-infused production tells the extraordinary story of Alexander Hamilton, one of America's founding fathers, blending history, politics, and music in a mesmerizing way. Through captivating lyrics and energetic performances, the musical explores Hamilton's rise from an orphaned immigrant to becoming George Washington's right-hand man and ultimately shaping the nation's future. With its diverse cast and innovative storytelling, Hamilton captivates audiences with its compelling narrative, unforgettable melodies, and powerful messages of ambition, love, and legacy.