Professor Joel Waldfogel
Carlson School of Management
12:45 - 2:00 pm Tuesday, November 22
170 HHH - Stassen Room, Humphrey School, West Bank Campus
Advances in communication technologies over the past half century have made the cultural goods of one country more readily available to consumers in another, raising concerns that cultural products from large economies - in particular the US - will displace the indigenous cultural products of smaller economies. In this talk Professor Waldfogel will present research conducted with his Wharton colleague, Fernando Ferreira, that presents stylized facts about global music consumption and trade since 1960, using unique data on popular music charts from 22 countries, corresponding to over 98% of the global music market. Contrary to growing fears about large country dominance, trade shares are roughly proportional to country GDP shares; and relative to GDP, the US music share is substantially below the shares of smaller countries. They find a substantial bias toward domestic music which has, perhaps surprisingly, increased sharply in the past decade. National policies, such as radio airplay quotas, may explain part of the increasing consumption of local music.
All are welcome! Refreshments will be served