This is either a misguided exercise, with the well-intended aim of illustrating complex economic theory, or a refreshingly inventive way to combine pop culture and economics. I can’t tell, I’m inclined to think it’s the latter. It’s definitely worth a look. Personally, I think Adam Smith would have approved.
Longwood University music teacher Chris Kjorness writes:
It has been 50 years since the Beatles arrived in the United States, forever altering the landscape of popular music. But contrary to the general notion that the mop-tops hopped off a plane in 1964 and were just so talented and lovable that they took the states by storm, the Beatles’ conquering of America was actually the result of a long and complex struggle. It was the end result of the actions of numerous people acting in their own interests, with little knowledge of or concern about what the other was up to.
While the Brits are credited with giving the world the idea of popular music through the comic operettas of W. S. Gilbert and Arthur Sullivan, after World War II British popular music was in a creative slump. Weak transnational relationships between record labels and the dominance of state-controlled media tended to keep out foreign records (particularly American ones), leaving British audiences to make do with British artists’ covers of American hits. As a result, recordings of American folk and rhythm and blues artists became almost contraband, complete with all of the cool rebelliousness the black market can provide.