Sunday, February 23, 2014

Superstars and Niche Products

Robert Frank has a great article in today's NY Times about how technology is changing the return to talent. I think he is focused on a key issue.  A lot of the longer-term trends we see in the economy are driven mostly by changes in technology, of which economists have only a rudimentary understanding.

Bob's story of Alfred Marshall and the piano industry is particularly noteworthy and, I am embarrassed to say, new to me.

Addendum: In the article, Bob mentions his sons' music group.  For those interested, here it is: