17 Oct Microeconomics Discussion 06.1:Free-Riders in the Music Industry The free-rider concept occurs when a person enjoys theben
Microeconomics
Discussion 06.1:Free-Riders in the Music Industry
The free-rider concept occurs when a person enjoys thebenefits of a good or service without paying for it. Music files are nonrivaland effectively nonexcludable, thus creating a free-rider problem. The courtsaddress this problem by enforcing copyright laws restricting the legal right tocopy music files, although the cost of enforcing these property rights is high.Another solution to this problem may be to place a tax on MP3 players anddistribute the revenues to performers and recording companies, but thisapproach doesnt provide an incentive to limit illegal file sharing.
What do YOU think is the best approach to solving theproblem of free riders in the music industry? Do you concur that the bestsolution is for the courts to enforce property rights, and for the recordingcompanies to pursue illegal music file sharers by suing for large penalties? Orwould you rather see a tax placed on MP3 players with revenues distributed tothe music performers and recording companies? Or do you have a proposal of yourown which addresses this problem?
Discussion 06.1:Signaling Your Ability
Signaling occurs when an informed person takes actions thatsend information to uninformed persons. The grades and degrees that auniversity awards to students are signals. They inform potential (uninformed)employers about the abilities of the candidates they are considering hiring.What actions (signals) do you plan to take with your existing or potentialemployers after receiving your college degree?
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