The Economics of Music Image

The Economics of Music

18 August 2022 - 37 mins
Podcast Series The David McWilliams Podcast

Today an Irish artist needs to get around 4000 streams an hour or about 300,000 per month to earn the minimum wage which we know is far below what is needed to pay the rent. How can someone survive trying to be a musician? Today we explore the "new" economics of music, what is the financial reality for young and not so young musicians, the history of the music industry and why the economic of our old friend Joseph Schumpeter is behind it all.

Hosted on Acast. See acast.com/privacy for more information.

37 mins

Series Episodes

2024:26 The Curse of Inheritance

2024:26 The Curse of Inheritance

 Inheritance is a tricky one. We all want to leave something to our kids if possible, yet inheritance for society makes inequality permanent, favouring the children of the rich. Millennials are about to become the wealthiest generation, which begs the question - should inheritors of wealth play a role in driving social change? What should they give back? A recent Bank of Italy paper reveals the rich stay rich. Tax records dating back to 1427 reveal that the top twenty wealthiest families in Florence remain almost identical to the top twenty richest families in 2008. However, 15th Century Florentines understood that altruistic measures such as building museums, orphanages, piazzas, roads, and more would be their insurance policy to ensure social stability - but today's rich don't quite care. They avoid all responsibility, dodging taxes worldwide. As inequality pisses people off, does this mean violent, catastrophic social change is inevitable, or will democracy do its job more gently? Join the gang! https://plus.acast.com/s/the-david-mcwilliams-podcast. Hosted on Acast. See acast.com/privacy for more information.

29 mins

28 March Finished

2024:25 Should We Copy The Swiss Or Is That Too Cheesy?

2024:25 Should We Copy The Swiss Or Is That Too Cheesy?

 How best to run an economy and a country, bottom up or top down? A trip to Switzerland got me thinking should we invert power, making the local more consequential than the nation, should we devolve government, introduce fiscal federalism and instead of our "spectator democracy" should we opt for "direct democracy" . Unlike Ireland, where accountability seems elusive, Switzerland's governance is marked by subsidiarity and active democracy. With their frequent referenda, the Swiss distribute responsibility locally, fostering an engaged political system. The influence of Calvinism further shaped Switzerland, cultivating a deeply democratic and pragmatic society. Is it time for us to embrace for 'Protestant Pragmatism', where power is delegated to the people? Could this also be a framework for future Irish reunification? Join the gang! https://plus.acast.com/s/the-david-mcwilliams-podcast. Hosted on Acast. See acast.com/privacy for more information.

39 mins

26 March Finished

2024:24 The Dehumanisation of Curiosity

2024:24 The Dehumanisation of Curiosity

The US House of Representatives has just approved a bill with the potential to ban Tiktok from America. But this story is about much more than corporate America's jealousy over its Chinese rival's more profitable and addictive business? Its about the direction of social media and an increasingly docile, addicted citizen, out-foxed and out-thought by an algorithm. What we are witnessing is an internal power-play within the tech cartel. With its personalised algorithm, TikTok means human curiosity now takes a backseat to endless scrolling. Curiosity is no longer an active endeavour but a preordained path. In this episode, we dissect the shift in our inquisitive nature, as algorithms dictate the content we consume, rendering Google search a relics of the past. Curiosity has been commodified as we enter a digital algorithm world. Join the gang! https://plus.acast.com/s/the-david-mcwilliams-podcast. Hosted on Acast. See acast.com/privacy for more information.

28 mins

21 March Finished

2024:23 The Economics of the Creative Mind with Ed Guiney

2024:23 The Economics of the Creative Mind with Ed Guiney

The primary driver of economic growth is the innovative human mind. In this episode, we sit down with Ed Guiney, the visionary co-founder of Element Pictures, the powerhouse behind Oscar winners like 'Brooklyn', "Room" and 'Poor Things', and TV dramas such as 'Normal People'. We delve into the fascinating tale of Ireland's cinematic resurgence, driven by strategic tax incentives and our rich storytelling tradition. Join us as we uncover the secrets to Ireland's rise as a global film hub, from script to screen - it is nothing short of an enlightening discussion on innovation and the economics of filmmaking with one of the industry's leading minds. Join the gang! https://plus.acast.com/s/the-david-mcwilliams-podcast. Hosted on Acast. See acast.com/privacy for more information.

40 mins

19 March Finished

2024:22 The Irish Government, as trustworthy as a Kate Middleton photo-album?

2024:22 The Irish Government, as trustworthy as a Kate Middleton photo-album?

No one trusts them, the Irish government or Katie M's doctored photos. For them its part of the national theatre, for us its a national threat. How did the government misread the public and why does the public not believe them? Is Ireland progressive or reactionary? Despite a track record of successful progressive referenda, from gay marriage to abortion rights, there is now a palpable uncertainty regarding Ireland's liberal democratic identity. Is the tide shifting? We argue it is signals the onset of a new era. From the riots in November to this vote, the rumblings of restlessness are everywhere. We stand at the precipice of societal and political change, yet our elite seems oblivious. Join the gang! https://plus.acast.com/s/the-david-mcwilliams-podcast. Hosted on Acast. See acast.com/privacy for more information.

33 mins

14 March Finished

2024:21 Bitcoin is Still Not Money

2024:21 Bitcoin is Still Not Money

Bitcoin is being touted as a revolutionary asset, but in reality, it's often the wealthy transferring wealth to unsuspecting individuals, marketed as a stroke of financial liberation. This asset is not money - it lacks many characteristics traditionally associated with money. It functions scarcely as a medium of exchange, lacks stability in value, and operates without regulation. Instead, it predominantly serves as a speculative asset or digital commodity. Despite this, it garners headlines as big tech and the SEC embrace it, ironically contradicting its anti-establishment roots from the cyberpunk era. Currently, the global cryptocurrency market represents less than 2% of the bond market. While every movement of Bitcoin is amplified by its evangelists, other shifts in the bond market typically generate a muted response. Despite Bitcoin's recent surge to a new peak of $69,000, it still lacks intrinsic value, inviting speculation on who ultimately benefits from its volatility - and we're just waiting to see who the greatest fool is. EFTs are just a brilliant way of offloading from the rich to the poor punter. Join the gang! https://plus.acast.com/s/the-david-mcwilliams-podcast. Hosted on Acast. See acast.com/privacy for more information.

30 mins

12 March Finished

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