The Beatles and Economics: Entrepreneurship, Innovation, and the Making of a Cultural Revolution / Edition 1

by Samuel R. Staley

Overview

The Beatles are considered the most influential popular music act of the twentieth century, widely recognized for their influence on popular culture. The inability of other bands and artists to imitate their fame has prompted questions such as: How did the Beatles become so successful? What factors contributed to their success? Why did they break up?

The Beatles and Economics: Entrepreneurship, Innovation, and the Making of a Cultural Revolution answers these questions using the lens of economic analysis. Economics provides the prism for explaining why their success—while legendary in scale—is not mythic. This book explores how the band’s commercial achievements were intimately tied to the larger context of economic globalization and rebuilding post-World War II. It examines how the Beatles’ time in Hamburg is best understood as an investment in human capital, and why the entrepreneurial growth mindset was critical to establishing a scalable market niche and sustaining the Beatles’ ability to lead and shape emerging markets in entertainment and popular music. Later chapters consider how the economics of decision making and organizational theory helps us to understand the band’s break-up at its economic peak.

This essential text is of interest to anyone interested in the economic dynamics and social forces that shape cultural change.

Product Details

ISBN-13:	9781138363540
Publisher:	Taylor & Francis
Publication date:	03/24/2020
Series:	Routledge Economics and Popular Culture Series
Pages:	100
Product dimensions:	6.00(w) x 9.00(h) x 0.30(d)

About the Author

Samuel R. Staley, PhD, is director of the DeVoe L. Moore Center in the College of Social Sciences and Public Policy at Florida State University, USA, where he teaches economics and social entrepreneurship.

Table of Contents

List of figures xi

About the author xii

Preface xiii

1 The black swan of popular music? 1

Were the Beatles a black swan? 2

The Beatles and World War II 3

Is macroeconomics enough? 6

2 Liverpool start-up 8

Skiffle start-up 9

Human capital and the firing of Pete Best 13

Hamburg and the forging of a brand 15

Brian Epstein as venture, capitalist 18

Managing the human capital 19

Economic implications 20

3 Innovation, entrepreneurship, and the growth mindset 22

Liverpudlian foundation stones for innovation 24

Inside the black box of the Beatles 25

Transaction costs and the innovation process 31

A new vision for entrepreneurship 33

Sustained innovation 37

4 How private markets enabled Sgt. Pepper's band to play 40

Art and economic value 41

Economic and soda] context 44

Creative context 46

A Sgt. Pepper deeper dive 50

Implications for popular culture 52

5 Breaking up is hard to do … or is it? 54

When coming together can't get you back 55

Dissolution economics 57

The transaction costs of breaking up 59

The art marches on 62

6 A second coming?: Lessons from the Rolling Stones and the Beach Boys 65

The Rolling Stones 66

Entrepreneurial judgement in the Rolling Stones 69

The Beach Boys 72

Lessons learned 74

7 Economic reflections from the afterlife 76

Subject index 80

Song and album index 83

Editorial Reviews

'Sam Staley's book is thought provoking and well written. It will be a good addition to the Beatles book shelf.'

Todd Lowry, Former Director of Business and Legal Affairs, Hal Leonard Company, musician, and arranger of The Complete Beatles

'The Beatles and Economics offers a creative way to apply the story of the Beatles to the principles of economic behavior.'

Stuart Rosenberg, Professor, Monmouth University, USA

'Can’t Buy Me Love? Over 100 million albums sold say otherwise. Sam Staley uses the lens of economics as your Ticket to Ride from Penny Lane to Taxman. You can’t buy love … but you can buy this book!'

Dirk Mateer, Professor, University of Arizona, USA

'A fresh look at The Beatles from the viewpoint of basic economic theory, which provides a concise interpretation of the band’s success and internal dynamics in terms of human capital and decision making.'

André Millard, author of Beatlemania: Technology, Business and Teen Culture in Cold War America"

'Unique ... a sustained, detailed analysis of a team of cultural entrepreneurs, namely the Beatles. The book is well-written and ... highly accessible.'

Nicolai Foss, Professor, Copenhagen Business School, Denmark

'If you think business is just money and greed, you’ll be sadly oblivious to most of what goes on in the world. In The Beatles and Economics, Sam Staley explains that even in the business end of arts and culture, exciting and even inspirational developments define daily life.'

Lawrence W. Reed, President Emeritus, Foundation for Economic Education, USA

"This book provides a valuable and accessible introduction to the Beatles and economic theory. Summing Up: Recommended. All levels"

J. F. Lyons, Joliet Junior College, USA. CHOICE Review

From the Publisher