Economics and music

Ok being a musician I don’t know why it didn’t occur to me until tonight to search for something that would combine my two fields of study 🙂

So here is an economic analysis of the music of the classical and romantic era (book review):

http://eh.net/bookreviews/library/0893

and here are some views on the economics of the music industry after the digital revolution, in micro-economics and financial terms:

http://www.bubblegeneration.com/?a=a&resource=musicrisk1

This is from Freakonomics ( http://freakonomics.blogs.nytimes.com/2007/02/20/more-economics-music/ ); a song that a procrastinating economics student wrote instead of studying for his exam:

Girl, being with you has always been so tough
With each passing minute, your marginal cost goes up
But my love is inelastic and it all belongs to you
I’m the only love producer, and my good is for you to consume

Because girl your marginal benefit far outweighs your marginal cost
Without our equilibrium baby, you know I’d be lost
Trapped inside this market I need you, to buy my love
Girl without your complementing goods, I’m not enough

Now you say that I’m producing, below my ATC
But I’m optimizing quantity baby, why can’t you see?
We could share this surplus, each and every day
If you would just buy my love, I’ll make my fixed costs go away

Baby I want to keep you for the long run, Oh yeah
I think our supply and demand, will become one…

Because girl your marginal benefit far outweighs your marginal cost
Without our equilibrium baby, you know I’d be lost
Long run equilibrium is no place for me
I need the profits of our love, to grow exponentially.

And as a finishing touch to this post, enjoy some songs of two of my favorite bands 🙂

Money, its a crime.
Share it fairly but dont take a slice of my pie.
Money, so they say
Is the root of all evil today.

with some of Britain’s economic history in the 60’s (under the Labour Party government of H. Wilson):

Advertisements

Leave a comment

Filed under Culture, Movie

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s