Labor market for Artists!

Just a quick Sunday note to lay down some thoughts I had about the labor market for artists, after watching a late night show on the Swedish MTV channel, about a bunch of hip - hoppers (no problem with that, actually I am anxiously waiting for the latest Cypress Hill album to be unleashed), who were after a prize of 100.000$!

Is there a labor market for artists or not?

According to a quote from Robert Storr, curator at New York's Museum of Modern Art ''artists are not a labor artist's success is unquantifiable''.

On the contrary, some economists like Gregory Wassal and Neil Alper have argued that ''Artists are utility maximizers too who seek the highest combination of monetary and non-monetary reward for their efforts''.

The latter in plain words, supports the idea that even the existing market for artists, obeys to the demand & supply laws that determine the wages (price) for artists & the quantity -the number- of artists that want to be employed.

Ideally, if all these musicians were wealthy, the demand for TV shows would decrease which means that most of the current artists experience constant economic problems. It is easy to perceive that there is an excess supply of artists that strive to fit or find the ''ticket'' to enter a very limited space of demand in their industry. Therefore, as the supply of -wannabe- artists increases, it drives down the price on the demand curve, thus their wages. The higher the wages that successful or established artists command in the present market, the higher the incentive to economize on artists' employment.

Maybe this economic approach explains the reason why there is a vast increase of Arts & Entertainment TV shows running the last couple of years, where ''me-too'' artists, compete for a dream job.

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