Paper Reading Notes | The Economies of Superstars (Sherwin Rosen, AER 1981)
The market for classical music has never been larger than it is now, yet the number of full-time soloists on any given instrument is also on the order of only a few hundred (and much smaller for instruments other than voice, violin, and piano). Performers of first rank comprise a limited handful out of these small totals and have very large incomes. There are also known to be substantial differences in income between them and those in the second rank, even though most consumers would have difficulty detecting more than minor differences in a “blind” hearing. (Rosen 1981) ...