Music and Deflation
This is a story about music and deflation. If you’re of a certain age, you may remember going to the record store to buy your favourite song. This is back in the days when the 7-single ruled rock’n’roll. In the 70s, you could save up your allowance and buy a single for anywhere from 79 cents to maybe a buck-fifty. That was a fair chunk of change in those days—the equivalent of almost six dollars. Now consider today’s market for digital singles. Forty years later, how much...