UNDERSTANDING ECONOMIC TERMS: WHY COMPOSERS CAN’T BE IN A “RACE TO THE BOTTOM”

The often-quoted, but seldom-understood phrase “race to the bottom” refers to the cost between nearly identical goods or services. Lowering the price becomes the differential.

The key phrase is “nearly identical”

A Mercedes and a Ford Fiesta, though both cars, are not nearly identical.

Desirability, based on location, of a nearby convenience store is not nearly identical to one 500 miles away.

Though they both serve food, a restaurant with a 5-Star rating on Yelp is not nearly identical to a place with one.

COMPOSERS ARE NOT NEARLY IDENTICAL

They are extremely DISSIMILAR from one another for a myriad factors, including:

Quality
Credits
Experience
Reputation
Location
Prestige
Relationships
Styles
Promotion
Services
Personalities
Demand
Availability
Temperaments
Convenience

and… MUSIC!

While price is a contributing factor in everything including cars, convenience stores, restaurants and composers, it is but one of many.

Ford simply slashing prices in a “race to the bottom” isn’t going to get a Mercedes driver to buy a Fiesta.

A 7-11 charging 50% less for a Slurpee in Huston is not going to convince a customer in Vermont to drive there instead.

Yelp users don’t go to 1-star restaurant instead of 5-star ones to save $2 on a shitty burger.

With SO many factors contributing to the selection of a composer, thinking price is the sole differential is false.

While it is easy to toss out the phrase “race to the bottom” as if it demonstrates some sort of pseudo understanding of economic principals, it actually projects the opposite.

WHAT POSSIBLE GAINS AND WHAT POSSIBLE HARMS COULD COME FROM THE MISUSE OF THE TERM “RACE TO THE BOTTOM”?