The Economics of Creative Machines

This lecture by the instructor covers the impact of technology on cultural markets, focusing on product, process, and business model innovation. It delves into the economics of intellectual property protection, the waves of digital technological change, and the welfare effects of algorithmic licensing. The presentation explores the challenges and opportunities technology brings to the music industry, including lower fixed costs, increased market entry, and the rise of AI-generated music. It also discusses the implications of machine creativity, ownership of AI-generated innovation, and the need for copyright in the digital age, questioning the future role of human artists in a world of AI-assisted production.