The new Ford Mustang Shelby GT-500 provides lessons in both history and economics.

The Mustang, especially since its recent retro redesign, forces us to think nostalgically back to the 1960s. That was when the Mustang both initiated and defined the term, "pony car." It symbolized youth and vitality the same way British rock and mop-top hairdos did. If the open road was freedom, the Mustang was the flag bearer.

The Mustang itself is probably one of the more important cars in automotive history.

When Carol Shelby added his touches to the Mustang – rally stripes, horsepower and a handling package – the pony car became a GT racer and was at the head of the class. This 2007 Shelby GT-500 – nearly 30 years later – has again been officially touched by the master, Shelby. It has more than his name and trademark stripes on it.

That’s at least part of the history. As for economics, today’s Shelby GT-500 comes in with a sticker price less than $44,000 -- $43,765 as recently tested.

Let’s think about economics class with the professor at the podium in the tweed jacket saying something about "supply and demand."

I recently spoke with a local Ford dealer and found that the Shelby editions are, not surprisingly, difficult to come by. Ford itself is going through some tough times, but it certainly strikes a nerve with its Mustang, particularly this one.

Recent e-bay auctions have seen the new Shelby go for around $60,000. My local dealer said he sold the only one he has able to get so far for about $15,000 over sticker.

That’s it for the economics portion of the review.

Let’s talk about the car. It’s a rumbling, 500-horsepower fantasy-mobile. At the sticker price, it’s quite a bit cheaper than anything it might be compared to, namely the Corvette and BMW M3.

One misconception might be that the 500 horses makes the car unwieldy and there’s never a sense of control by the driver. That was my concern, but it was quickly laid to rest. The engine is uncommonly smooth. This is where form meets function.

With test drives of both the coupe and the convertible versions, the fact that the car can be so quietly powerful should cause drivers to beware of reaching high speeds at a relatively low rpm-rate, while cruising along the highway in sixth gear.

The redesign of the Mustang gave the car more weight and a broader stance, which was enhanced by Shelby when he ordered bigger tires for front (255/40s) and back (285/40s).

The monstrous engine is coupled with a six-speed manual that does have a gas-saving first-to-fourth combination (basically, if the engine isn’t producing enough revs, it forces a shift from first gear to fourth) that takes some getting used to, just as it did with the Corvette several years ago. But when shifting normally, the tranny is crisp and clean – and the entire powertrain seems to always want a little more.

That’s no accident. This is a car that hearkens back to steely roots made by legends such as Shelby and racers such as Dan Gurney, Parnelli Jones and David Pearson.

All of those old ghosts rumble to life when you’re behind the wheel, looking for a little bit of open highway. That’s why the baby-boomers will pay $15,000-$20,000 over sticker for it. That’s why it’s a "must-dream-about" if not a "must-have" if you were one of those kids with Mustang posters on your wall as a kid.