Property, Scarcity and Music
Last night I had my first property class. Aside from a bunch of stuff about animals and the “negative community,” the prof talked about one thing that’s close to home.
He said, and I’ll paraphrase, that property law governs scarce resources. If there is no scarcity, then property law is probably not applicable. Given the recent changes in the music industry, it seems as if property law probably no longer applies to it. There is no scarcity of the property of music, only abundance.
The scarcity is in my time to listen to it. This seems to be a simple, formal explanation of why the music industry ultimately had no choice but to change their distribution philosophy.