Economists have shown that wine tasters can’t tell Bordeaux from budget plonk, movie critics are prone to giving biased reviews, and Olympic judges are often judging what’s best for them to say rather than what’s in front of them. This column asks why we should expect credit-rating agencies, with their own unique set of ignorance and incentives, to be any different.
Victor Ginsburgh, 16 January 2012
Joel Waldfogel, 14 November 2011
Napster – the first peer-to-peer file sharing service – changed the music industry forever. Many people now download music without paying, often illegally. This column looks at the effect on the music industry, in particular what it means for the quality of new recorded music.
Joel Waldfogel, Fernando Ferreira, 29 May 2010
Is pop music leading to cultural globalisation with the US at the helm? This column examines data from over a million chart entries in 22 countries covering 98% of the world music market. It finds no evidence that the rise of music trade has eroded interest in local music production or consumption. In fact some smaller countries actually benefit disproportionately.
Joel Waldfogel, Ben Shiller, 25 November 2007
Did Apple forgo potential revenue for years? Until recently, its iTunes music store employed uniform pricing. This column uses a willingness to pay survey to show how alternative pricing schemes could have raised more revenue. Non-uniform pricing might have raised revenues by as much as 28%, and Apple could have substantially increased its revenues without reducing consumers’ welfare.
Elizabeth Currid, 03 July 2009
Elizabeth Currid of the University of Southern California talks to Romesh Vaitilingam about her book, The Warhol Economy: How Fashion, Art and Music Drive New York City, which describes the inner workings of New York’s creative industries, the significant economic value they generate and the implications for policy-makers wanting to foster their own cultural economies. The interview was recorded in London in June 2009