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Sammy Hagar is a popular recording artist and is perhaps most well known for being the former lead singer of the rock band Van Halen. In a recent interview Hagar was asked whether he planned on making new music. Hagar said he refused to do so because of the high cost, saying it would cost about half a million dollars.
After learning about this interview, a commentator wrote:
“Half a million is crazy talk. Are you really going to tell me that Sammy Hagar and his other band mates don't own a recording studio between them? The recording cost would be the cost of a producer, some flights, and some accommodations for a couple of weeks. That doesn't even come close to equaling half a million dollars. Love Sam, but he needs to stop the nonsense and be honest.”
Is the commentator right? Comment from an economic perspective.
Assume a hypothetical economy in which the velocity is constant at 2 and real GDP is always at a constant potential of $4,000. Suppose the money supply is $1,000 in the first year, $1,100 in the second year, $1,200 in the third year, and $1,300 in th..
Johnny Rotten consumes two commodities, namely garbage and vinyl records. He keeps the garbage in the backyard where it is eaten by goats and vermin. The reason he accepts the garbage is that people pay him $2 per sack for taking it.
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