music markets, economics of

Frederic M. Scherer
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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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.
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How to cite this article

Scherer, Frederic M. "music markets, economics of." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 24 October 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_E000216> doi:10.1057/9780230226203.1151

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