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by Mark Masterson.
Original Post: Next thing you know, the Mafia will start suing the cops for their "losses"...
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Sorry, but I just don't agree with this silliness. In what way is a free market adjustment that involves consumers realizing that $58 billion of their costs are producing no value, and therefore decide to eliminate those costs, a loss to the economy? Tricking the American economy into paying $58 billion for which they get nothing in return fits my definition of "stealing" (or, at least, "fraud") much better.
I think Radiohead, on the other hand, is on to something. The market determines price, not the other way around. Once Radiohead has been doing this for awhile, one might be able to speak of an "average" price for their good, but there will never be "a" price. Companies think that they get to set prices (statically) based on their understanding of what the market will bear. Lacking an immediate (and cost-effective) feedback mechanism, which would allow the market to speak its mind more directly, what other model could work? But get a clue -- it's the 21st century, and the market is now more than capable of telling you, instantly, what the acceptable price for your good is. People downloading tracks from Russia for pennies aren't stealing -- they're haggling over the price. They are part of the market -- that's their prerogative.
The only thing in this CSC post I agree with is this: the principle involved applies to everything that is for sale. Analyst reports, insurance policies, bank accounts, stocks, currency, everything.
And when the market corrects, and one more artificial barrier falls, the beneficiaries of that barrier weep over their "loss". Ridiculous.
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