ABSTRACT

This chapter discusses music production in terms of standard microeconomic theory with some appropriate augmentation. Music has to be supplied to its consumers/end users or they will never hear it. The supply of music is both a vehicle of artistic creativity and a means of generating profits. From an economics viewpoint, music is produced and then it is distributed to the marketplace. From a musical point of view it is written, composed, created or whatever. Like any industrial production process this has sequential layers in which value is added. The word 'production' in pure economic terms means adding value. Tribute acts have experienced both an increase in supply and in demand for their services. Amegashie concludes that popularity aspects may lead to a more efficient outcome as the supply of effort by the performers will be greater. Much of the conclusion rests on issues about uncertainty of information.