Rockanomics and the US Economy: “It’s a Long Way to the Top . . .”

“. . . if you wanna rock ‘n’ roll.” This quote from AC/DC and Jack Black’s School of Rock is applicable to a short story by NPR’s Weekend Edition.  The segment discusses how the economics of the music industry can teach us lessons about the broader American economy.  Most notably, both are currently in a state of radical inequality. 

Here is a description of the story: 

White House economic adviser Alan Krueger took some ribbing from his boss this week. President Obama noted that Krueger will soon be leaving Washington to go back to his old job, teaching economics at Princeton.

“And now that Alan has some free time, he can return to another burning passion of his: ‘Rockanomics,’ the economics of rock and roll,” the president said. “This is something that Alan actually cares about.”

In fact, Krueger gave a speech this week at the Rock and Roll Hall of Fame in Cleveland, where he said the music business offers valuable lessons about the broader U.S. economy.