Google Gemini was used to research this piece. This Essay was posted on 12/18/2025.
In his book Rockonomics, economist and rock music fan, Alan B. Krueger writes about the economics of rock music from the 1960’s until now. It features stories about some of the greatest icons and includes stories about some lesser-known artists that also influenced the music scene. The book tells how the economics of rock shaped the artists and how some artists influenced the industry.
Krueger explains how the music industry shifted economically after 2000. Rock music was built on a model where musicians used live performances to promote record sales because record sales made the most money. When music technology changed, musicians used data streaming to promote live concerts that now make the most money.
The book goes into all economic aspects of the music industry, but the personal stories about the artists with their struggles were the most compelling to me. And the last chapter about how music makes people happier was special.
In the last chapter Krueger cites a 1930 essay by economist John Maynard Keynes titled, The Economic Possibilities of our Grandchildren in which Keynes predicts that 100 years into the future the main economic problem will be dealing with leisure time. Keynes lists 4 necessary conditions: 1. The power to control population. 2. Determination to avoid wars and social discord. 3. Willingness to trust science. 4. The need to have a growing economy that has a proper level of production while also having enough consumers to buy the products.
We are almost at the 100-year point, and we are not succeeding in any area of need. Perhaps the need for music will give us the incentive to fix our economy and our society.
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