ECONOMICS: Why is Music Cheaper Now? It's Supply and Demand.

Artists such as Sufjan Stevens think that selling albums for $3.99 is unfair, but Stevens does not recognize that the market has caused prices to fall. Brian Franke explains why music is cheaper now with an economics lesson on supply and demand. He explains that when people want more (higher demand), then people will pay more to get it. When there is a huge supply of music, then people demand less of it and want to pay less. He explains the significance of several events that have impacted the s...

Read full article Share article