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That's every market with an inelastic supply of labour. P Diddy could reboot Yo! MTV Raps with a million-dollar cash prize, but that's not going to uncover anot
by rchaud 3y ago
That's every market with an inelastic supply of labour. P Diddy could reboot Yo! MTV Raps with a million-dollar cash prize, but that's not going to uncover another Biggie.
- dehrmann 3y agoI'm used to elasticity in terms of something like oil where people will pay for it, whatever the cost. I guess creative endeavors are the same, just on the other side. There will always be another artist willing to work for nothing in hopes of getting discovered.
- esafak 3y agoThe economic model for that is a winner-takes-all market, which media is a textbook case of. Social media, on the other hand, is a little heavier tailed, but still nothing like engineering.