New Books In Economics

Digitization is reshaping creative industries. Old gatekeepers in music, publishing, television, movies, and other industries no longer play such an important role, and digital piracy makes it easy for consumers to avoid paying companies, artists, and writers for what they produce. On the other hand, independents can now cheaply produce and distribute creative works both to niche and mass market audiences. In Digital Renaissance: What Data and Economics Tell Us about the Future of Popular Culture (Princeton UP, 2020), Economist Joel Waldfogel uses data about the quantity, quality, and mass appeal of these works to make the case that this has on balance made us all better off, resulting in a digital renaissance. In this interview, we discuss the findings in his book and how he arrives at them. I also get his perspective on some developments since his book came out, like the rise of Spotify, non-fungible tokens (NFTs), and the impact of the pandemic on digitization. He also unwittingly gives me the opportunity