Why do we live in the era of superstars – whether people or businesses? Why is there such a thing as winner-take-all markets? Why do the top 1 per cent of households get an ever-bigger slice of the pie?
Short answer: because the digital revolution is disrupting far more of the economy than we realise.
It’s explained in the new book, Rockonomics: What the music industry can teach us about economics and life, by Alan Krueger, and summarised in his article in the New York Times, from which I’ll quote. Krueger, an economics professor at Princeton University, died in March at the age of 58.
Krueger says the first economist to explain the growing income gap between superstar businessmen and everyone else was the great English economist Alfred Marshall, in the late 1800s.
SOURCE: Ross Gittins. “ABBA was right: Rockonomics shows why the winner often takes it all” The Age, June 10, 2019.
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Produced by the librarians at the Brotherhood of St Laurence in Melbourne, Australia