The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Music Markets, Economics of

  • Frederic M. Scherer
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1993

Abstract

With the growth of economic prosperity, the demise of feudalism, and the weakening of Western religious institutions, markets for music have been transformed radically. By the 19th century, freelance composition and performance endeavours outweighed the employment of musicians by churches and noble courts. Further changes came from the invention of electrical and then electronic means of recording and disseminating music. The emergence of copyright for musical works strengthened economic incentives for the composition of music.

Keywords

Baumol’s cost disease Copyright Music markets Superstars 

JEL Classifications

L1 Z11 
This is a preview of subscription content, log in to check access.

Bibliography

  1. Baumol, W., and H. Baumol. 1994. On the economics of musical composition in Mozart’s Vienna. Journal of Cultural Economics 18: 171–198.CrossRefGoogle Scholar
  2. Baumol, W., and W. Bowen. 1965. On the performing arts: The anatomy of their economic problems. American Economic Review 55: 495–502.Google Scholar
  3. Bianconi, L., and G. Pestelli (eds.). 1998. Opera production and its resources. Chicago: University of Chicago Press.Google Scholar
  4. Elias, N. 1969. Die höfische Gesellschaft [The Courtly Society]. Frankfurt: Suhrkamp Verlag.Google Scholar
  5. Lessig, L. 2004. Free culture. New York: Penguin.Google Scholar
  6. McVeigh, S. 1993. Concert life in London from Mozart to Haydn. Cambridge: Cambridge University Press.Google Scholar
  7. Raynor, H. 1972. A social history of music from the middle ages to Beethoven. New York: Schocken.Google Scholar
  8. Rosen, S. 1981. The economics of superstars. Journal of Political Economy 71: 845–857.Google Scholar
  9. Scherer, F. 2004. Quarter notes and bank notes: The economics of music composition in the 18th and 19th centuries. Princeton: Princeton University Press.Google Scholar
  10. Scherer, F. 2005. Corporate structure and the financial support of U.S. symphony orchestras. Working paper.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Frederic M. Scherer
    • 1
  1. 1.