tag:blogger.com,1999:blog-181567352024-03-07T16:10:48.399+07:00café salembaa café of un-common senseUnknownnoreply@blogger.comBlogger779125tag:blogger.com,1999:blog-18156735.post-29579526582867686212017-12-12T14:23:00.001+07:002017-12-12T14:23:40.450+07:00Why old artists still hang around (and earn big)?Recently I found this article showing to<a href="https://www.billboard.com/articles/news/6099232/top-live-artists-touring-grosses-rolling-stones">p 25 earners of live concerts from 1990-2014</a>. Old cracks dominate the list. All of them had their first album in the 1970s or 1980s (we didn't count Paul McCartney's Beatles years) except Coldplay (whose first album was in 2000). It implies that they continued to be actively touring for 30, 40 years.<br />
<br />
One might guess that they earned most of it during the 1990s. Wrong. Even if we limit the observation t<a href="https://www.billboard.com/articles/news/266415/top-touring-artists-of-the-decade">o the 2000-2010 decade only,</a> the list did not change much. It means the late comers like Beyonce, or Taylor Swift might earn big for a given year, and probably for years to come. But the old cracks are just not ready to retire.<br />
<br />
On the other hand, the list missed the likes of Michael Jackson, whose last tour was in 1997 before he wrangled with law suits and health problems. Had the lists started five years earlier, he should have been there. Similarly, Guns N' Roses had long been absent due to break up and shake up. They did play under new line-ups during the 2000s, which were not enough to make them entering the list. But last year, their reunion made them <a href="https://www.billboard.com/photos/7865108/highest-paid-musicians-2016-money-makers">second top earner </a>behind Beyonce.<br />
<br />
Some detailed observation on the list provide interesting variations. The top two, The Stones are U2, are quite alike; they played almost similar number of concerts, with almost similar audience and revenue per show. Bruce "The Boss" Springsteen, like Elton John, played in more but smaller concerts in terms of audience.<br />
<br />
Only two artists - both are ladies - earned more than $100 per concert (sorry Roger Waters, you're just 3 cents short). Madonna, who performed less but earned more per concert. Celine Dion, who was the opposite, played in three times more concerts as Madonna, but the average audience was only a fifth.<br />
<br />
<br />
<div style="text-align: center;">
<b>Top 25 artists who earned the most from live shows, 1990-2014</b></div>
<br />
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 627px;">
<colgroup><col style="mso-width-alt: 1682; mso-width-source: userset; width: 35pt;" width="46"></col>
<col style="mso-width-alt: 5961; mso-width-source: userset; width: 122pt;" width="163"></col>
<col style="mso-width-alt: 3730; mso-width-source: userset; width: 77pt;" width="102"></col>
<col style="mso-width-alt: 3254; mso-width-source: userset; width: 67pt;" width="89"></col>
<col style="mso-width-alt: 2157; mso-width-source: userset; width: 44pt;" width="59"></col>
<col style="mso-width-alt: 2816; mso-width-source: userset; width: 58pt;" width="77"></col>
<col style="mso-width-alt: 3328; mso-width-source: userset; width: 68pt;" width="91"></col>
</colgroup><tbody>
<tr height="34" style="height: 25.5pt;">
<td class="xl73" height="34" style="background: rgb(91, 155, 213); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); color: white; font-family: Calibri, sans-serif; font-size: 10pt; font-weight: 700; height: 25.5pt; width: 35pt;" width="46">No.</td>
<td class="xl71" style="background: rgb(91, 155, 213); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); color: white; font-family: Calibri, sans-serif; font-size: 10pt; font-weight: 700; width: 122pt;" width="163">Artist</td>
<td class="xl71" style="background: rgb(91, 155, 213); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); color: white; font-family: Calibri, sans-serif; font-size: 10pt; font-weight: 700; width: 77pt;" width="102">Gross revenue</td>
<td class="xl71" style="background: rgb(91, 155, 213); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); color: white; font-family: Calibri, sans-serif; font-size: 10pt; font-weight: 700; width: 67pt;" width="89">Attendance</td>
<td class="xl71" style="background: rgb(91, 155, 213); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); color: white; font-family: Calibri, sans-serif; font-size: 10pt; font-weight: 700; width: 44pt;" width="59">No. shows</td>
<td class="xl71" style="background: rgb(91, 155, 213); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); color: white; font-family: Calibri, sans-serif; font-size: 10pt; font-weight: 700; width: 58pt;" width="77">Average revenue</td>
<td class="xl71" style="background: rgb(91, 155, 213); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); color: white; font-family: Calibri, sans-serif; font-size: 10pt; font-weight: 700; width: 68pt;" width="91">Average attendance</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">1</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">The Rolling Stones</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$1,565,792,382 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">19,677,569</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">538</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$79.57 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 36,575.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">2</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">U2</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$1,514,979,793
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">20,536,168</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">526</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$73.77 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 39,042.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">3</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Bruce Springsteen</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$1,196,116,507 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">15,010,773</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">727</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$79.68 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 20,647.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">4</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Madonna</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$1,140,230,941
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">9,694,079</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">382</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$117.62 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 25,377.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">5</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Bon Jovi</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$1,030,082,884 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">12,333,668</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">578</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$83.52 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 21,338.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">6</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Elton
John</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$786,791,043
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">12,164,513</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">956</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$64.68 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 12,724.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">7</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Dave Matthews Band</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$776,969,736 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">17,823,077</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">992</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$43.59 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 17,966.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">8</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Celine
Dion</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$737,573,927
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">6,546,109</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">1,143</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$112.67 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 5,727.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">9</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Kenny Chesney</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$752,706,599 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">12,681,629</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">755</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$59.35 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 16,796.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">10</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">The
Eagles</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$702,110,908
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">7,720,760</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">484</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$90.94 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 15,952.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">11</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">The Police/Sting</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$556,114,962 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">7,257,611</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">605</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$76.63 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 11,996.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">12</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Roger
Waters</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$547,305,412
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">5,474,759</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">316</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$99.97 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 17,325.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">13</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Paul McCartney</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$505,534,809 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">5,248,175</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">220</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$96.33 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 23,855.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">14</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Billy
Joel</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$499,978,726
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">10,408,169</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">577</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$48.04 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 18,038.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">15</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Rod Stewart</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$497,033,399 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">7,885,676</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">714</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$63.03 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 11,044.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">16</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Neil
Diamond</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$465,448,371
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">8,870,666</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">643</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$52.47 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 13,795.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">17</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Metallica</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$432,816,245 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">8,388,374</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">468</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$51.60 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 17,923.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">18</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Aerosmith</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$417,573,638
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">8,405,069</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">582</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$49.68 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 14,441.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">19</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">George Strait</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$405,034,063 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">9,736,580</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">584</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$41.60 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 16,672.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">20</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Jimmy
Buffett</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$402,756,057
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">9,746,471</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">539</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$41.32 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 18,082.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">21</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Coldplay</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$378,359,252 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">5,394,616</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">315</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$70.14 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 17,125.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">22</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Toby
Keith</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$361,256,245
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">8,608,696</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">711</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$41.96 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 12,107.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">23</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Cher</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$351,625,611 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">4,531,739</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">548</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$77.59 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 8,269.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">24</td>
<td class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">Fleetwood
Mac/Stevie Nicks</td>
<td align="right" class="xl67" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$349,906,931
</td>
<td align="right" class="xl68" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">4,906,995</td>
<td align="right" class="xl66" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">483</td>
<td align="right" class="xl69" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$71.31 </td>
<td class="xl70" style="border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 10,159.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" height="17" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: 0.5pt solid rgb(155, 194, 230); border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; height: 12.75pt;">25</td>
<td class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 122pt;" width="163">AC/DC</td>
<td align="right" class="xl67" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 77pt;" width="102">$337,879,092 </td>
<td align="right" class="xl68" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 67pt;" width="89">5,387,353</td>
<td align="right" class="xl66" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt; width: 44pt;" width="59">316</td>
<td align="right" class="xl69" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: none; border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;">$62.72 </td>
<td class="xl70" style="background: rgb(221, 235, 247); border-bottom: 0.5pt solid rgb(155, 194, 230); border-left: none; border-right: 0.5pt solid rgb(155, 194, 230); border-top: 0.5pt solid rgb(155, 194, 230); font-family: Calibri, sans-serif; font-size: 10pt;"> 17,048.6 </td>
</tr>
</tbody></table>
<br /><div>
So why do those old artists still actively touring? Hard to single out one reason. But given the big money involved in the live music industry, who could refuse a piece of the cake? Even just to make a one-time bang like <a href="http://ultimateclassicrock.com/5-years-ago-led-zeppelin-reunite-for-02-concert/">Led Zeppelin</a>, or a last goodbye like <a href="https://www.billboard.com/articles/columns/rock/6828856/motley-crue-final-concert-staples-center-new-years-eve-nikki-sixx-vince-neil-tommy-lee">Motley Crue</a>.</div>
<div>
<br /></div>
<div>
For some, like U2 or The Boss, they are still in the job market, producing new records. So perhaps for them, 2010s is just the new 1980s.</div>
<div>
<br /></div>
<div>
Other motives are hard to quantify, like connecting to fans, nostalgia, or else. But for The Stones, the youngest of them, Ronnie Wood is 70, the reason for hanging around should be a simple one: because they can.</div>
a.p.http://www.blogger.com/profile/10803193376611057742noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-5982158218560598342017-12-10T06:03:00.001+07:002017-12-10T06:06:11.916+07:00Toilet news #235<div dir="ltr" style="text-align: left;" trbidi="on">
I need to go to the toilet, she said. Sure, we have time. You can do it at the school as we drop the children, I replied.<br />
<br />
But she refused. No way! I'm not gonna use school toilets! Kids toilets are a mess, don't you know that? Well, I said. There should be a guests toilet - or teachers toilet, right boys? Ugh, we're early, Dad, the front door might still be locked, responded one of the sons.<br />
<br />
Alright, she said. Let's go to Coles. I know there's a clean toilet somewhere around it. It's only five minutes drive from here. I guess that's a better idea - I was gonna suggest peeing in the open, as I saw many bushes around the school yard, but I knew she would kill me.<br />
<br />
Which all reminded me of this <a href="https://www.amazon.com/Where-India-Goes-Abandoned-Development/dp/9352645650/?tag=marginalrevol-20">cool book about India</a>. About why to some Indians, open defecation (not just peeing) is preferred to having latrines! About how it affects the underdevelopment in India (stunting and all). And about how they are related to the caste system.<br />
<br />
And while still waiting for her, I remembered <a href="http://onlinelibrary.wiley.com/doi/10.1002/app5.81/full">my paper too</a>. In which I found that sanitation can be more critical than access to improved water facility in causing diarrhoea among children in Indonesia's less developed regions. One of the channels is .. open defecation. That is, even if your house has an improved water facility, if the toilet is poor, the chance of getting diarrhoea is high. And even if you have improved water resources <i>and</i> improved sanitation, but your neighbour defecate in the open (and your children play in that neighborhood and, as children do, forget to wash their hands properly), the odds of having diarrhoea is still high.<br />
<br />
She's back.</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-15441058342294795862017-12-08T11:06:00.000+07:002017-12-08T12:50:36.149+07:00Understanding today's music industry<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Can’t recall
when was the last time I blogged here. 2010? 2011? If I was to write a piece on
music industry then, the view would be gloomy. Something like “the industry is
dying”, “digital piracy is killing music”. Just look at this graph (credit to <a href="http://www.ifpi.org/">IFPI</a>) :<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.digitalmusicnews.com/wp-content/uploads/2017/04/IFPI_global_full.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="428" data-original-width="800" height="171" src="https://www.digitalmusicnews.com/wp-content/uploads/2017/04/IFPI_global_full.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The industry’s
total revenue experienced a free-fall since 2000 – right, the MP3, <a href="https://www.theverge.com/2015/4/13/8399099/metallica-sued-napster-15-years-ago-today">Napster</a>,
peer sharing, piracy fiasco we heard back then. The free-fall stopped around
2010. It hasn’t been bouncing back, but the bottom may have been reached.<br />
<br />
Remember that in 1980 The Buggles said <a href="https://www.google.com.ph/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwid-JarofnXAhUCsJQKHRD3AA0QyCkIKzAA&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DW8r-tXRLazs&usg=AOvVaw1wSUwSrrMQmkH_NBVKr4es">video killed the radio stars</a>? In fact,
1980 was just a beginning of the golden era of music industry. (And it was
video – VHS and Betamax – who disappeared, not radio). So perhaps today we see another turning point, not a decline, in the industry.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<b>Streaming and the importance of sunk cost<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Looking
closer at the data, it’s clear that digital music, which caused the decline at
first, has given the industry a lifeline. Digital music came in various forms:
paid downloads (like iTunes), subscription service (Apple Music, premium Spotify),
or on-demand streaming (YouTube, free Spotify). In 2015, the combination of all
digital music overtook revenue from physical sale (which has been helped by a
curious come back of vinyl records). In addition, revenue also comes from live
performances and royalties from movie or game soundtracks (which helps <a href="https://www.google.com.ph/url?sa=t&rct=j&q=&esrc=s&source=web&cd=4&cad=rja&uact=8&ved=0ahUKEwjit-3-wfnXAhWEfLwKHb-oAzoQFgg6MAM&url=https%3A%2F%2Fwww.billboard.com%2Farticles%2Fcolumns%2Fchart-beat%2F8038454%2Fled-zeppelin-immigrant-song-1000-percent-sales-thor&usg=AOvVaw2Hn_h-PS4r_Y_ngu3-z0XY">Led Zeppelin</a> or AC/DC enjoy a brief popularity among teenagers).<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Of digital
music, paid download was popular until a couple years ago. But streaming has increased, and now
makes up <a href="http://variety.com/2017/digital/news/streaming-services-us-music-revenue-2016-1202019504/">more than half of digital music revenue</a> in the US. Technology explains part of
this – thanks to better internet connection and compression technology, streaming
is much better today. <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Pricing is
another. Subscription price means I only need to care about my fixed cost (or,
sunk cost), not the marginal one. This
is a new way of enjoying music. Back then, when I want to own Skid Row’s first
album, I paid Rp5000 (guess what year was that) for 10 songs, of which I liked
only 4 or 5. Then I need to think, should I pay another Rp5000 for Debbie
Gibson’s Electric Youth, in which I only enjoy 2 songs. What if I don’t like
the albums after all? What if I get bored after a month? Subscription service
made my life easier. I only need to
think of paying once a month to have a huge range of options of music I want to
listen to, or don’t want to. <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Like gym
membership years back, looks like subscription-based pricing will be our new
norms for many things. It means our decision will be driven more by <a href="http://cafesalemba.blogspot.com/2007/10/pacaran-is-sunk-cost.html">sunk costs</a>
rather than marginal costs. (Free streaming service is basically the same,
unless someone pays our bill in the form of ads).<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<b>Complicated royalty scheme<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
For artists,
things look a bit more complicated. In the old days, <a href="http://www.rollingstone.com/music/news/the-new-economics-of-the-music-industry-20111025">for every $18 wepurchased on a CD</a>, around $10 went to labels (for their marketing, production, distribution,
and profits), $5 for retailers (most of them are now out of business), $3 for
the artist, and $1 for the songwriter. Yes, if you’re an artist-writer, then
you got $4. You got the revenue when I the CD, and not need to bother when will
I actually listen to your song and for how many times.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
It’s similar
under paid download scheme. If I download <a href="https://itunes.apple.com/us/album/21/id420075073">Adele’s single</a> from iTunes for $1.29,
I paid Apple 30 cents, and Sony 90 cents. Sony will then pay 8 cents in songwriting
royalty to Adele and her co-author. Adele will get another payment from Sony an
artist, depends on whatever mentioned in the contract, which ranges around
12-20 percent of sales.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Streaming
service is much less straight forward. Every time I listen to a song, artist
will get something. But it depends on certain algorithm like artist rate,
region, streaming time (prime or non-prime time). For one stream, an average song
<a href="https://www.theverge.com/2015/12/7/9861372/spotify-year-in-review-artist-payment-royalties">generates $0.005 to $0.008</a>, which will be split between the artist, songwriter,
and the label/management. An indie band revealed, after their songs were
streamed for 1 million times, the<a href="https://www.digitalmusicnews.com/2016/05/26/band-1-million-spotify-streams-royalties/">ir payment was less than $5000</a>. Just
calculate how many streams it takes for Beyonce who earned<a href="https://qz.com/index/1031670/a-breakdown-of-beyonces-revenue-shows-how-little-musicians-make-out-of-streaming/"> $1.9 million from streaming in 2016</a>.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<b>Live performance makes artists still alive<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
One thing is
still a puzzle for me. According to an <a href="http://www.ifpi.org/downloads/GMR2017.pdf">industry report</a>, digital music accounted
for 50% revenue in 2016, while performance rights (including live shows)
accounted for 14%. But for top artists, streaming is only a small fraction of
their earnings stream. Top earners got 90% or more from performing live. Even physical
sales still generated more than streaming.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
So who
earned from streaming?<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
My
hypothesis: digital music helps many non-major, independent musicians to sell
their pieces. Top artists still dominate all revenue sources, for sure. But the
digital space is so huge with fewer middlemen, so smaller artists can be part
of the game. There was only small space in Aquarius Mahakam and Duta Suara for
non-label artists, think about the old days. In a way, this may be a good
thing. <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Live shows
have also been the way for old artists to stay in the game. <a href="https://www.billboard.com/photos/7865108/highest-paid-musicians-2016-money-makers">Last year’s topearner</a> may be Beyonce. But guess who others on the list? Guns N’ Roses and
Bruce Springsteen. They may not catch up with newer artists in terms of
streaming and record sales, but their revenue from live performances lifted
them to the second and third place. <a href="https://www.billboard.com/articles/news/list/7356755/billboard-top-40-money-makers-rich-list">Similarly in 2015</a>, The Rolling Stones,
Billy Joel and Grateful Dead were side-by-side with One Direction and Taylor
Swift in the top earner list, thanks to their live concerts.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<b>So what’s next?</b><o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
We are still
in the middle of disruption process, so hard to draw the conclusion for now.
Streaming, like smartphone is today, but may not be tomorrow’s game. <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Music may be
surviving in terms of sales and revenue. But is the quality improving? Some are
complaining that today’s pop music has less variation (meaning <a href="https://www.smithsonianmag.com/smart-news/science-proves-pop-music-has-actually-gotten-worse-8173368/?no-ist">they all sound alike</a>), indicating lower creativity. Yeah, maybe no one wants to be Genesis anymore,
<a href="https://www.youtube.com/watch?v=Gx6S32thDNw">producing 30-minute tracks</a>.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The <a href="http://www.ifpi.cz/wp-content/uploads/2013/03/Investing-in-Music-2010.pdf">role oflabels</a>, and today’s marketing channels are other questions for next articles (maybe). And of course, understanding the Indonesian context. For now, it’s too much already for an economist of jaman old trying to
understand jaman now.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
a.p.http://www.blogger.com/profile/10803193376611057742noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-70188434817921401392017-04-25T23:29:00.001+07:002017-04-27T00:44:34.449+07:00Negative externality of racist campaignIllustration: two candidates, A and B, were campaigning for an office. They needed to get votes from 16 percent of population -- the swing voters coming from the first-round election. Candidate A's strategy was to play racism and bigotry card against the B. Candidate B decided to face it one-on-one by playing pluralism card. Both are rational. You can even <i>assume</i> that neither of them are actually racist nor bigot by heart. <br />
<br />
Candidate A won the election as apparently voters bought the racism and bigotry card he played. Some commentators also believed that candidate B's strategy for directly confronting the racism card is the reason he lost the election. Nonetheless in a relatively competitive election, this is the equilibrium of the number of voters for each candidate and the quantity of racist and bigot campaign. The voters have spoken. But is this a socially optimal outcome?<br />
<br />
If you believe that racism and bigotry are not `bad', then it is optimal. And you can skip the rest of this posting.<br />
<br />
If you believe that racism and bigotry are `bad' -- something like pollution--, then it is not socially optimal. We have a case of negative externality: candidate A, the producer of racist campaign, while maximising his private benefit against cost in a competitive political market, massively failed to take into account the social cost of doing it. As a result, he over-produced racist campaign.<br />
<br />
To fix the problem, the social cost of racist campaign needs to be `internalized' to the private cost-benefit calculus of the candidate. One way is by asking government to step in by imposing tax or anti-racism regulation. But here, in this case, it might not be applicable: the candidates ran for the very government position, while at the same time people in the government are part of the game<br />
<br />
So we need to take a different approach: when market fails, use more market. We can try to link the current political market to other markets - say, the next presidential election market or even just a market for `(urban cosmopolitan) educated social club membership' - where our candidate is also aspiring to be. The idea is to make the candidate pay the full price for playing racism card by explicitly internalize the social cost he incurred into his private cost structure in these other linked-markets. <br />
<br />
This might work or not work, but what I fail to comprehend is some pundits' post-election suggestion to help (subsidize?) the producer of racist campaign to get away with the allegation of being racist under disguise of repairing the election damage. First, it would even more externalize the social cost from the private cost-benefit structure of the candidate. Second, it would create a moral hazard among other aspiring politicians to play the same dirty tricks. In the end, we will see more of `bad' in the air, not less.Rizalhttp://www.blogger.com/profile/00173988218021291027noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-32359008918579823212016-02-16T20:30:00.000+07:002016-02-17T20:09:37.382+07:00How to (mis)use econometricsApparently these <a href="https://www.selasar.com/ekonomi/lgbt-dan-kegagalan-sebuah-bangsa" target="_blank">two</a> <a href="https://www.selasar.com/ekonomi/lgbt-dan-kegagalan-sebuah-bangsa-benarkah-klaim-ini" target="_blank">pieces</a> of writing (in Indonesian) on LGBT and economic growth hit the nerves of those who have taken at least elementary econometrics course - and/or have been associated with the School. I could not blame them, they have all the reasons to get really annoyed by such sloppy regression analysis.<br />
<br />
Take this bit directly from the second article above:<br />
<blockquote>
<i>Korelasi menunjukkan arah, sementara regresi menunjukkan hubungan fungsional antar variabel.</i></blockquote>
Translated:<br />
<blockquote class="tr_bq">
<i>Correlation shows the direction [RS: of changes between two variables, perhaps], while regression shows functional relationship between variables.</i></blockquote>
Wait. Simply running regression would not tell you why the 1 percent increase in defunct economists' access to Facebook leads to 2 percent increase in the ignorance of practical men who believe themselves to be quite exempt from any intellectual influence (HT: J.M. Keynes, circa 1936).<br />
<br />
Regression per se will not provide you with a meaningful functional relationship. For that, you need a convincing and logically consistent story line - a theory, on which your empirical model is based. Isn't it just stating the obvious, you say? Yes, of course. First week of Method 101.<br />
<br />
But maybe the author thinks that he has a story on how government inclination or support to LGBT leads to slower economic growth [RS: not sure if it's a level or growth effect, but never mind]. Here is what I found in the first writing:<br />
<blockquote class="tr_bq">
<i>... kecenderungan LGBT yang semakin besar di sebuah negara akan berdampak kepada kondisi kependudukan yang memburuk. Hal ini dapat dijelaskan dari fakta terang benderang bahwa pasangan LGBT tidak dapat menghasilkan keturunan .... Kondisi kependudukan yang memburuk tersebut pada gilirannya akan menghambat ekonomi untuk terus tumbuh.</i></blockquote>
Translated:<br />
<blockquote class="tr_bq">
<i>... growing LGBT population in a country would deteriorate its demographic situation. This can be explained by the crystal-clear fact that LGBT couple can not reproduce... This demographic deterioration, in turn, will prevent the economy to grow.</i></blockquote>
So I WhatsApp our certified labor economist in the house, barista Ujang, to send me the main literature on the determinants of fertility.<br />
<br />
He replied right away and emailed me two major references in the profession: Hotz et.al, 1997, <a href="http://www.ssc.wisc.edu/~walker/wp/wp-content/uploads/2012/02/hotz-etal97.pdf" target="_blank">The Economics of Fertility in Developed Countries</a> (.pdf), and Schultz, 2007, <a href="http://www.econ.yale.edu/~pschultz/cdp953.pdf" target="_blank">Fertility in Developing Countries</a> (.pdf).<br />
<br />
My reading: first, theories, models, and empirical strategies to identify and estimate the determinants of fertility are anything but simple nor easy. Second, there is no discussion on LGBT factor as determinant of fertility rate - if you want to put LGBT into the equation, you have a lot to explain.<br />
<br />
OK, fine. With a controversial finding, maybe we can look at the data now?<br />
<br />
Unfortunately, it is available either only in a certain office room in Depok and/or if you are willing to co-(re)write the paper -- despite, somehow, the regression results are already widely circulated.Rizalhttp://www.blogger.com/profile/00173988218021291027noreply@blogger.comtag:blogger.com,1999:blog-18156735.post-4767943725062684272014-10-08T13:33:00.001+07:002014-10-08T13:33:54.010+07:00HDL Cholesterol in What?<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
Once in a while, you come across a figure in an article that, if you see it without knowing the context, would baffle you to no end.<br />
<br />
Here's one. "HDL Cholesterol in Male Baboons and British Male Civil Servants"<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: left;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFHtmwH8TfoX8DaRvRQuZyaWDCc3TpcxwEQXP342xgsJLWTRQE6l0vTkaVfrhDNbPi66_tm5Ac4oHsD9F9Wqm9kq3PwUGqpjIxxT_CHI0lsnzLpB-BYzltZK-LRhqDt7hKGAJx/s1600/nihms461647f1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFHtmwH8TfoX8DaRvRQuZyaWDCc3TpcxwEQXP342xgsJLWTRQE6l0vTkaVfrhDNbPi66_tm5Ac4oHsD9F9Wqm9kq3PwUGqpjIxxT_CHI0lsnzLpB-BYzltZK-LRhqDt7hKGAJx/s1600/nihms461647f1.jpg" height="205" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
What journal? What discipline? What is it about?</div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
Ungated link to the paper <a href="http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3697076/">here</a>.</div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<br />
<br />
<br />
<br />
<br />
<br />
<br /></div>
Ujanghttp://www.blogger.com/profile/11743023980780274491noreply@blogger.comtag:blogger.com,1999:blog-18156735.post-69259267644050609282014-07-25T12:58:00.001+07:002014-07-25T12:59:56.381+07:00Jokowi's first error? - Aco<div dir="ltr" style="text-align: left;" trbidi="on">
Finally. So grateful that we have Jokowi as the president-elect. Selamat, Pak!<br />
<div>
<br /></div>
<div>
Now, he is assembling his new cabinet. Strangely, however, <a href="http://www.thejakartapost.com/news/2014/07/25/jokowi-goes-online-cabinet.html">he is crowd-sourcing it</a>, using online polling. (To be fair, it's not really crowd-sourcing, as presumably he will still have the final say). </div>
<div>
<br /></div>
<div>
And the social media embraces this PR gimmick so happily: "Oh, this is the first president who crowd-source his cabinet assembly. Cool!" - and many other similar comments to that effect.</div>
<div>
<br /></div>
<div>
Is this actually a good thing? I don't think so. Picking ministers is president's prerogative, as the polling says in its intro. Correct. But, the intro continues, "that does not mean the people cannot participate". Wait a minute. Sounds nice, but Pak Jokowi is actually creating an unnecessary problem here. If he has to listen to what people say for every decision he makes, it is not difficult to imagine that this new administration will walk like a tortoise onward. Not only that, he is offering a precedence. The next time he needs to make other decisions, the same people might as well demand a poll. <a href="http://www.kawalpemilu.org/#0">Crowdsource is good</a>. But not always.</div>
<div>
<br /></div>
<div>
An analogy might be useful. One thing that you expect from a CEO is the ability to make strategic decision (of course, decision can be wrong, that's a risk). But does he or she have to consult all the stakeholders for every decision? Does s/he have to ask the opinion of each and every employee when s/he want to appoint in manager in the office? </div>
<div>
<br /></div>
<div>
Dear Pak Jokowi, just pick your aides. We trust you. And yes, we will keep criticising you - and your cabinet for that matter.</div>
</div>
Katehttp://www.blogger.com/profile/08506856187077490145noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-66038976624735931842014-05-07T22:07:00.000+07:002014-05-28T13:16:37.049+07:00RIP: Gary BeckerI don't really recall it, maybe sometime in the late 1990s, that my co-barista here, AP, <strike>bragged about</strike> showed me a book he just read: <a href="http://home.uchicago.edu/gbecker/Books/books.html#The economics of life" rel="nofollow" target="_blank">The Economics of Life</a>. It took me another few years to get my own copy while visiting another co-barista, Aco, in Urbana-Champaign, and that's my first introduction to the work of Gary Becker.<br />
<br />
And, believe it or not, it was not a smooth sailing. Partly because I was still persuaded by some leftists ideals, partly because I was not familiar to the first world problems discussed in the book (such as baseball), and partly, probably the most important reason, because I still did not really get what economics is all about.<br />
<br />
Until I read The Economic Approach to Human Behavior (1976).<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbItWC1EINivaA451hV-AUuf-bvXxKNm841x4XjKW1X48ZvKtbedA_2ausbcxRMx62khubn7GARqcyxJIqmKBlvscvJ5acSGe00xWN6xHIBkmD5nEIcvI3zW0RiC5TinTxNTJ0/s1600/Becker.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbItWC1EINivaA451hV-AUuf-bvXxKNm841x4XjKW1X48ZvKtbedA_2ausbcxRMx62khubn7GARqcyxJIqmKBlvscvJ5acSGe00xWN6xHIBkmD5nEIcvI3zW0RiC5TinTxNTJ0/s1600/Becker.jpg" height="150" width="200" /></a></div>
Eleven pages Introduction of the book is really an eye-opener to me, who had been doing economics for some time without being fully aware of the methodological very basis of the discipline: maximizing behavior, market equilibrium, and stable preference.<br />
<br />
Then I took a course on Economics of Non-Market Behavior taught by one of <a href="http://econlog.econlib.org/archives/2014/05/gary_becker_a_r.html" rel="nofollow" target="_blank">Becker's favorite students, Larry Iannaccone</a>. There, I read lots of Becker's work and learned to develop intuitions to see any human behavior or social patterns using economic approach i.e price theory. For a class assignment, I remember trying to propose topic on why people believed in rainmaker (i.e shamanism) and a classmate pondered why many New Yorkers love dogs.<br />
<br />
Reading Beckerian economics feels like that you're given a lightsaber to deal with various social issues. Not everybody on the other side will be happy with that, but it's a powerful tool nonetheless. It also helps you a lot to be a well-reasoned social commentator. Although not necessarily makes you the most popular person in a cocktail party, it helps you to actually take side on things (read: policy issues) consistently. Personally, it really provides me with a solid framework to discern seemingly messy and complex social issue and human behavior.<br />
<br />
Now, to bring it closer to home, too often our economists and/or economic commentators in the country too easily depart from economic approach in their analysis -- if they ever held it once. It might just show a sign of intellectual laziness or simply ignorance for basic tenets of economics, namely basic price theory derived from three axioms above. But either way, it's a pity. What else we can expect most from a person trained in economics if not an economic analysis?<br />
<br />
Instead, oftentimes what we see is an economic analysis that never was. Following Beckerian revolution (some say imperialism), it is inevitable that economist discusses social issues. But it is of little use if she/he does it without applying his/her economic approach and, god forbid, resorts to normative analysis. Becker himself, after laid down his economic approach, carried on to demonstrate how to do it on issues such as crime, addiction, fertility, discrimination, etc.<br />
<br />
I often get impressions that these "economists", after presumably going through those curves and math in the classrooms, do not seem to get that<i> <a href="http://mobile.nytimes.com/2014/05/06/upshot/how-gary-becker-transformed-the-social-sciences.html?hpw&rref&_r=0&referrer" rel="nofollow" target="_blank">"...economics is not a field of inquiry, but rather a method of analysis.."</a></i>. Their comments on various social issues reflect very little, if any, their educational background.<br />
<br />
Even worse many of them trade their hard-earned economic tools and skills for populism.<br />
<br />
This may indicate a deeper problem: our economics education failed to equip students with the lingua franca of the profession. No, it is not the math (although that is, too), but the language of basic price theory and the economics of incentives (Heckman, 2011). As a result, first, we can not communicate clearly with economists at the frontier of the field and/or follow large bodies of latest development in the profession. Second, in communicating with non-economist, we do not sound like an economist.<br />
<br />
But anyway, RIP Prof. Becker. And thanks for the lightsaber.Rizalhttp://www.blogger.com/profile/00173988218021291027noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-23639753458024529102014-03-09T20:54:00.002+07:002014-03-10T21:55:25.911+07:00<div dir="ltr" style="text-align: left;" trbidi="on">
Apakah depresiasi nilai tukar riil (real exchange rate) Rupiah dapat membantu mengurangi defisit transaksi perdagangan (trade balance)? <br />
<br />
Apa relevansinya? Teorinya adalah nilai tukar riil mencerminkan harga relatif produk Indonesia terhadap produk negara-negara lainnya. Mudahnya, nilai tukar riil adalah nilai tukar nominal dikalikan harga produk negara-negara lain relatif terhadap harga produk Indonesia. Maka nilai tukar riil akan melemah (depresiasi) jika nilai tukar nominal melemah (seperti belakangan ini) atau harga produk Indonesia bersaing dibandingkan harga produk negara lainnya. Sebaliknya nilai tukar riil akan mengalami penguatan (apresiasi) jika nilai tukar nominal menguat (seperti Rp lari ke 8,000/USD) atau harga produk Indonesia mahal dibandingkan harga produk negara lainnya (seperti apel China yang lebih murah dari apel Malang bahkan di kota Malang sendiri).<br />
<br />
Dalam literatur, penurunan nilai tukar riiil dianggap bisa membantu mengurangi defisit transaksi perdagangan (atau bahkan transaksi berjalan/<em>current account</em>) jika apa yang disebut "<em>Marshal-Lerner </em>condition" terpenuhi. Yakni jika kenaikan permintaan ekspor dan penurunan permintaan impor terjadi lebih besar dari depresiasi nilai tukar riil. <br />
<br />
Memang, keluhannya adalah dalam periode awal penurunan nilai tukar riil, transaksi perdagangan bisa saja tetap defisit karena impor tidak bisa gampang digantikan oleh produk lokal sementara ekspor perlu waktu. Fenomena ini yang disebut dengan <em>J-Curve</em><br />
<br />
Apaka <em>J-Curve</em> berlaku untuk Indonesia? Karena tidak ada akses terhadap <em>computable general equilibrium </em>model (buatnya mahal dan rumit dengan resiko salah yang tinggi), saya gunakan <em>vector autoreggresive</em> (VAR) dengan <em>error correction</em> terhadap data bulanan dari 1999 - 2013. Dependent variables dari VAR ada dua, nilai tukar riil yang saya unduh dari situs web Bank of International Settlement (BIS) dan transaksi perdagangan dari BPS. Saya juga sertakan harga minyak mentah dunia untuk mengendalikan pengaruhnya terhadap tekanan defisit transaksi migas. <br />
<br />
Hasilnya? <em>J-Curve</em> diperkirakan juga berlaku di Indonesia seperti yang ditunjukkan oleh gambar di bawah. <br />
<em></em><br />
<em>{Secara teknis saya run impulse response function yang praktis adalah impact multiplier dari sistem persamaan VAR}</em><br />
<br />
Depresiasi nilai tukar riil Rupiah awalnya memperburuk transaksi perdagangan karena impor tidak serta-merta turun dan permintaan ekspor tidak langsung meningkat. Tetapi sejalan dengan waktu, permintaan ekspor meningkat. Coba saja cek toko-toko mebel di Kemang, mereka panen pesanan. Juga permintaan sepatu, produk otomotif, makanan dsb dari Indonesia meningkat. Sementara, permintaan impor melemah karena makin mahal, sehingga dampak positif terhadap transaksi perdagangan mulai terlihat (gambar di bawah). J-Curve sepertinya menyentuh limit threshold (batas). Sepertinya memang tidak semua impor bisa diganti dengan produk lokal sementara ekspor yang berdaya saing juga tetap memerlukan komponen impor (contoh gampangnya membuat IPhone China harus impor komponen dari berbagai negara).<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
Implikasinya? Biarkan depresiasi nominal Rupiah sendirinya membantu mengoreksi transaksi perdagangan melalui depresiasi riil nilai tukar. Intervensi untuk mengatur ekspor dan impor hanya akan menimbulkan inefisiensi. Kedua, jika ingin Rupiah tidak terlalu lemah tetapi transaksi berjalan tidak defisit, mau tidak mau kita harus perbaiki daya saing produk Indonesia - sayangnya ini gampang dibicarakan tapi sulit dilakukan. <br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXgIXTIQtGOpDI5LAYzuMkgoybjllJjIdf_gd7RgCPKU5MQC3ionCzj7nhPVaWiFhkd1HggEW4YQykZjo8tiinV2Tzc0wHohDtVljaTVQjoQRIkTQZS6Z7zjg9ub2vaNzOyQM5/s1600/Jcurve.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXgIXTIQtGOpDI5LAYzuMkgoybjllJjIdf_gd7RgCPKU5MQC3ionCzj7nhPVaWiFhkd1HggEW4YQykZjo8tiinV2Tzc0wHohDtVljaTVQjoQRIkTQZS6Z7zjg9ub2vaNzOyQM5/s1600/Jcurve.jpg" height="300" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<br />
<br />
<br />
<br />
<br /></div>
Sjamsuhttp://www.blogger.com/profile/02727269405316558665noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-2373261682607179452014-02-09T00:12:00.001+07:002014-02-10T05:07:26.617+07:00RIP: Thee Kian Wie, True ScholarPak Thee Kian Wie was my role model for a good economist. <br />
<br />
First of all, he published articles in international journals. A lot of articles. His primary expertise is in economic history and his PhD dissertation is on plantation in East Sumatra in the 1863-1942. He also wrote books on the making of Indonesian economy - from the colonial period to independence. A rare breed of economic historian in the economic profession, even rarer in Indonesia.<br />
<br />
I read a lot of his works on industrialization and industrial policy in Indonesia. Pak Thee's personal access to the technocrats and at the same time his distance to power circle and bureaucracy makes his works not only instructive but also credible. Pak Thee, from his writings, was very aware of all political economy constraints and contestation at the time. He witnessed and reported the making of Indonesia miracle between 1970-1998 -- in increasing alarm in later years.<br />
<br />
I actually wish that Pak Thee wrote more on how then up-to-date "(economic) ideas" were introduced and translated into Indonesian economic policymaking. Nevertheless, anyone wants to know how industrialization was planned and worked/did not work as intended in Indonesia shall read his papers and books.<br />
<br />
Yet, one of his important work after the 1998 crisis is his essays on development, freedom, and New Order miracle (<i>Pembangunan, Kebebasan, dan Mukjizat Orde Baru</i>).<br />
<br />
Apparently influenced by Amartya Sen, Pak Thee re-evaluated Indonesian economic "miracle" and reflected that, if I don't misread his writing, while the economic progress was real, there should have been more attention and work (read: government policies) to deal with freedom, inequality, and injustice. Probably not a strong statement for those who want a clear-cut verdict on the regime, but Pak Thee clearly went through a deep thinking and contemplation, with a tingle of regrets, before coming to this conclusion.<br />
<br />
But above all, Pak Thee was a wonderful person. Anyone who ever came across him can attest how humble he was, considering his high scholarly credential.<br />
<br />
Pak Thee once told me that while he was visiting Sussex University, he often commuted to London to see art performances. "I bought <i>kelas kambing</i> (cheapest) ticket for the shows", he added. It turns out that living in a "relative poverty" -- late Professor Sadli's term to describe his choice for living as a researcher under government payroll -- did not prevent him to become a true cosmopolitan.<br />
<br />
He also once let me know, without a slightest hint of irony, that his son (I did not know <a href="http://marcelthee.bandcamp.com/" rel="nofollow" target="_blank">Marcel Thee</a> and Sajama Cut at that time) is a musician and makes a lot more money than him.<br />
<br />
We will sorely miss you, Pak Thee.Rizalhttp://www.blogger.com/profile/00173988218021291027noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-30355628724801011712014-02-08T05:17:00.001+07:002014-02-24T23:15:00.282+07:00Thing I don't really comprehend #675What do you think of this statement:<br />
<br />
<i>"To prepare for a healthier lifestyle, we will start eating junk food"</i><br />
<br />
Crazy, you may think.<br />
<br />
Read <a href="http://www.thejakartapost.com/news/2014/02/07/ri-focus-import-substitution-industry.html" rel="nofollow" target="_blank">this</a>. And think again.<br />
<br />
HT: @acopatunruRizalhttp://www.blogger.com/profile/00173988218021291027noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-20426798549627704962014-02-05T12:50:00.003+07:002014-02-06T02:46:36.436+07:00Maybe there's no such thing as a maximum winning coalitionRecently, political scientists and commentators on Indonesian politics seem to like to think that SBY administration, in his second period, is a something called "maximum winning coalition". Certainly not a compliment, his fat coalition is widely seen as a reason on why his government has been so ineffective in many ways.<br />
<div>
<div>
<div>
<br /></div>
<div>
I agree that the administration does not do their homework very well -- in some cases, such as defending freedom of religion or free trade, they failed miserably. But I am afraid that I can not really comprehend what a "maximum winning coalition" substantially means, as opposed to a more plausible, at least to me, and more established theory of "minimum winning coalition" (see Riker, 1962, for example). </div>
<div>
<br /></div>
<div>
A "maximum winning coalition" assumes that the winner is somewhat irrational by not picking a low-hanging fruit of smaller coalition for better delivery -- and bigger rent to redistribute within the coalition.</div>
<div>
<br /></div>
<div>
In economic jargon, it is like that he left a 100 dollar bill he saw on the street when actually nobody can prevent him to pick it.</div>
<div>
<br /></div>
<div>
Now, when you see someone did it, you can think that either he's irrational (or maybe foolish); or, he is just rational but it costs him a lot, albeit not directly observable, to grab the money.</div>
<div>
<br /></div>
<div>
The proponent of "maximum winning coalition" argument seems to believe in the first possibility. I am, however, for the argument that the current administration, a large coalition, is still a "minimum winning coalition", given big transaction cost faced by the winner should he exclude the current elements of the administration.</div>
<div>
<br /></div>
<div>
Such cost is stemmed from the effective ability of the (election) losers to hijack the administration policy and rents redistribution -- especially in our existing murky business of political campaign finance transactions, where, it seems to me from series of KPK saga, everybody get the money from everybody. </div>
</div>
</div>
Rizalhttp://www.blogger.com/profile/00173988218021291027noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-40264827177668843272013-10-31T06:44:00.001+07:002013-10-31T06:52:19.194+07:00Animal cruelty - or trade war?<div dir="ltr" style="text-align: left;" trbidi="on">
So it is happening again. In the middle East this time.<br />
<div>
<br /></div>
<div>
But let's first rewind the tape. Sometime in 2011 an amateur video was broadcast widely in Australia. It was about an "inhumane" practice of slaughtering cows in Indonesian abattoirs. Animal rights activists and Green Party jumped in, condemning Indonesian farmers and called for an action from Aussie government. And action they got. The government of Australia imposed a ban on live cattle exports to Indonesia.</div>
<div>
<br /></div>
<div>
Indonesia, on the other hand, took offence. The government said, fine, let's just then go ahead with our long time fetishism for self sufficiency in beef (I made up the sentence, but it was something to that effect, really). So, Indonesia cut import quota for live cattle from Australia by 30% in 2012 and another 30% in 2013. Not only battle, Indonesia also cut the import of beef, 60% in 2012 and 6% in 2013.</div>
<div>
<br /></div>
<div>
What's the consequence? Australian cattle growers were hurt badly, especially those in Darwin. They produce brahmin cows mostly for export to Indonesia. According to a friend who is expert in this thing, Australians don't really like brahmin beef. So export ban gave a big punch to the business. I heard they even had to kill many cows for nothing.</div>
<div>
<br /></div>
<div>
As for Indonesian side, we heard the self sufficiency rhetorics all over again. Rice, maize, soybean, sugar. And now beef. But then we also saw how the government panicked during the fasting month of 2013. Beef was in short supply, and the Eid day (the day when people eat a lot of beef, and I mean really a lot) was coming. The president was reportedly furious of the whole thing. Prices were going up very quickly. What happened next? Minister of Trade and Minister of Agriculture called imports from Australia. "Urgently wants to buy 25,000 extra cattle and 3,000 tons of frozen beef from Australia", so the news read.</div>
<div>
<br /></div>
<div>
Bottomline? Animal cruelty issue and trade war can be very mingled. Often time it ends up in a lose-lose situation for both trade parties involved.</div>
<div>
<br /></div>
<div>
So, this morning I heard <a href="http://www.abc.net.au/news/2013-10-30/new-footage-puts-live-export-industry-back-in-the-spotlight/5059060">this new news</a>. This time it involves Australian sheep in Jordan.</div>
<div>
<br /></div>
<div>
Please read it yourself. I gotta go get my burger.</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-86849583287367454922013-08-06T03:50:00.001+07:002013-08-06T03:50:31.937+07:00Happy mudik<div dir="ltr">Happy mudik, people.<div><br></div><div style>This <a href="http://print.kompas.com/KOMPAS_ART0000000000000000001482125">article</a> in Kompas reports that the money involved in mudik is wasted for consumption only, rather than investment. As if consumption is bad and is not part of the economy. Come on. It is their own money. Let them decide what to do with them.</div> </div> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-61919394830900351982013-03-16T05:40:00.000+07:002013-03-16T09:11:28.535+07:00On Protectionism #907 and other thingIt turns out that it is rather hard for many to see the relationship between restraining supply (such as import quota, or in general, protectionism) and higher price. If the argument for protectionism is to defend domestic producers, as long as they do not/can not increase production, higher price is inevitable.<br />
<br />
That's obvious, you may say. But how do you inform this obvious thing to general public discussion? On beef product, garlic and shallots, soy bean, ...and other in a long list of protected products.<br />
<br />
You may then point out: but protectionism, and higher domestic product, is an incentive for domestic producers to produce more. I am not convinced. The basic idea to make producers wealthier is by increasing productivity. How do we reconcile protectionism with productivity? Can we be productive in a sustainable basis without competition?<br />
<br />
The other thing I fail to comprehend is how come many expect administration benefited from protectionism measure (import quotas in particular) really care about productivity. Their immediate benefit is to make protectionism to last as long as possible -- and take productivity concern, if any, at the backseat. Why? Because it provides them with rents that can be handily cashed in -- and put them in bottled water card boxes, if you know what I mean.<br />
<br />
<a href="http://www.thejakartapost.com/news/2013/03/14/expats-pay-100-monthly-levy-depok.html" target="_blank">Another crazy thing I read recently</a> is that Depok local administration is going to levy foreigners 100 dollars per month. I can not find any other sensible (economic) rationale but blatant xenophobia and racism. What do you call a situation when you were an Indonesian working in, say Brooklyn or Jeddah, and the municipality decided to charge you 100 dollars per month only because you're a (legally residing) Indonesian?<br />
<br />
And don't get me started with our draft of new school curriculum.<br />
<br />Rizalhttp://www.blogger.com/profile/00173988218021291027noreply@blogger.com7tag:blogger.com,1999:blog-18156735.post-61669555457403720722013-02-11T22:28:00.000+07:002013-02-11T22:28:10.709+07:00Beef price: what the .... were they thinking about?<!--[if gte mso 9]><xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
</o:OfficeDocumentSettings>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:DoNotShowPropertyChanges/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]-->
<br />
Hi everyone. This is my first blog in this Café after 3 years<br />
<br />
I rarely purchased weekly magazine until the current corruption scandal on
beef import quota. Partly is because the case involves PKS party, a staunch
promoter of government by faith (or something around that idea). <br />
<br />
But as we all know, while faith is necessary for those wanting to pursue
heaven, it may still require additional efforts to ensure sound principle of
governance. The recent corruption case on beef import is self-evident that
political interest overrode good faith and basic economics principles.<br />
<br />
In front of cabinet members, the ministry of agriculture faithfully embarked
in a series of jaw dropping maneuver promising self-sufficiency in beef by
2014. <span style="mso-spacerun: yes;"> </span>This supposedly to be achieved
through program to increase supply of domestic cattle industry and protecting it
with limit on how much beef can be imported (quota). To back up the story,
proponents of this program often refer to “cow census” and suggest that we
should have faith that there are enough cows across Indonesian islands to
satisfy consumers demand.<br />
<br />
No doubt, promoting development of domestic cattle industry is a good idea.
Local and small cattle breeders in Java and Sumatra can benefit from sound
government program to improve their competitiveness. There are also few other locations
in Indonesia that are suitable for large scale private cattle ranch industries,
providing there are adequate ports and ships to transport them to consumers
around the country.<br />
<br />
<!--[if gte mso 9]><xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
</o:OfficeDocumentSettings>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:DoNotShowPropertyChanges/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]-->
<br />
But the outcome of self-sufficiency in beef was sealed when import quota was
drastically reduced in mid 2012 (instead of keeping the rate of increase constant). <br />
<br />
<br />
Indeed, the “cow census” might have misled the government to think that
there is enough cows for consumption. The fact is that not all cows are
available for immediate slaughter, some households use cows as savings for
their rainy days. The national consumption figure for beef, which is likely derived from Susenas, is also likely underestimated because it does not capture beef consumed outside the house
(i.e., buying bakso, eating rendang, sate Padang, etc.)<br />
<br />
What is happening represents a very basic economic principle: in the absence
of import, domestic cow industry will never produce beef at the quantity where
supply equals to consumers demand. Instead, they will produce beef at the
quantity where marginal cost of slaughtering the last cow equals to marginal
revenue from selling it to consumers (in slightly technical jargon: MC = MR) and set equilibrium
domestic price of beef higher than price level where more import were allowed.<br />
<br />
Media commentators can blame importers or domestic cow industry for allegedly
forming cartels to influence price. Although this may not be ruled out, the
fact remains that there is little or no incentive for a rational domestic cow
breeder or slaughter house to supply consumers beef at competitive quantity and
price levels As simple as that. <br />
<br />
<br />Sjamsuhttp://www.blogger.com/profile/02727269405316558665noreply@blogger.com8tag:blogger.com,1999:blog-18156735.post-35546839515247785362013-01-25T00:22:00.000+07:002013-01-25T09:53:40.566+07:00'Redenominasi' vs 'sanering', for dummies<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
<b>Redenominasi</b>: fewer zeroes, same bowls of mie bakso. <b>Sanering</b>: same zeroes, fewer bowls of mie bakso.</div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpwA1jfnwfEHxpdAXRQMdY4Pt5Wh402HGBojYHmAT0HozK4DywMN_YQCYQZYpUIvgkZAd84q1I6stZ81xyS0BOf3CQ-8mn1Rsox8VRr0axm1e3FGRkvu1Swf6-mVGKVm21VVpz/s1600/IMG-20130124-00719.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="267" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpwA1jfnwfEHxpdAXRQMdY4Pt5Wh402HGBojYHmAT0HozK4DywMN_YQCYQZYpUIvgkZAd84q1I6stZ81xyS0BOf3CQ-8mn1Rsox8VRr0axm1e3FGRkvu1Swf6-mVGKVm21VVpz/s400/IMG-20130124-00719.jpg" width="400" /></a></div>
<br /></div>
Ujanghttp://www.blogger.com/profile/11743023980780274491noreply@blogger.com4tag:blogger.com,1999:blog-18156735.post-84683821910038845242013-01-05T08:07:00.001+07:002013-01-05T08:07:13.294+07:00Blusukan<div dir="ltr">Dear Kate,<div><br></div><div style>What's "blusukan"? Any economics on it?</div><div style><br></div><div style><i>Struggling Indonesianist</i></div><div style><br></div><div style><br></div><div style> Dear Strugling Indonesianist,</div><div style><br></div><div style>Apparently you've been trying hard to read Indonesian news. I know it's fun, right? Here's a secret to learn the language quickly: just read the news over and over again, check the ones with pictures, forget dictionary or thesaurus. You'll get the feel eventually.</div> <div style><br></div><div style>But lemme try. <i>Blusukan</i> perhaps means an impromptu visit by a top official to his/her subordinates - or as the media put it, to the people. It's done in order to get information from the grass root first hand, maybe. It can also be seen as an act of caring. When else a governor or a president pay a friendly visit to the poor? Empathy is the keyword.</div> <div style><br></div><div style>But "impromptu" might not be a correct term. I would think any visit by a governor or a president would involve lots of preparation and security procedures. Some streets should be closed, alleys cleared. Some media get invited with special access to the site - but for regular cars, motorcycles, pedestrians, it's probably a detour. So, with all due respect, the economic impact for street sellers having to postpone their business a couple of hours might be negative. Let alone the extra time needed by motorists to deal with the additional traffic jam. It's great to meet with our leader occasionally. But probably you don't want it all too often.</div> <div style><br></div><div style><br></div><div style>Best,</div><div style><i>Kate</i></div><div style> </div></div> Katehttp://www.blogger.com/profile/08506856187077490145noreply@blogger.com2tag:blogger.com,1999:blog-18156735.post-4048570121607852222013-01-05T05:13:00.001+07:002013-01-05T05:13:11.042+07:00"Please stop the price decline!"<div dir="ltr">An MP from PKS urges the government to stop the declining prices of crude palm oil and rubber (link <a href="http://bisniskeuangan.kompas.com/read/2013/01/04/2048191/Jangan.Biarkan.Harga.Sawit.dan.Karet.Merosot">here</a>*). He points out, rightly, that the reason why prices are going down is because the demand is low due to the still weak global economy.<div> <br></div><div style>His solution is to get together with the other producers to form a collusive cartel so as to limit the supply and apply a monopolistic power.</div><div style><br></div><div style>But as he said, the problem is on demand. Limiting the supply might increase the price momentarily (or halt the decline), but as long as the purchasing power of the buyers is weak, that would not help.</div> <div style><br></div><div style>His second solution is to force domestic consumption. Sounds like another call for the mighty Bulog?</div><div style><br></div><div style>*) It has come to my attention (thanks to @sillysampi on Twitter) that many of my links to Kompas were gated. My apologies. I try to link to non-gated ones from now on (if available); otherwise, I'll mark it as "gated".</div> </div> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-4460410938133912162013-01-04T05:00:00.001+07:002013-01-05T04:49:48.858+07:00Computer self-sufficiency, anyone?<div dir="ltr" style="text-align: left;" trbidi="on">
It's not just on rice, soybean, sugar, corn, and meat. Apparently the self-sufficiency is coming to <a href="http://bisniskeuangan.kompas.com/read/2012/12/31/11274634/Ini.Aturan.Baru.soal.Impor.Ponsel.dan.Tablet">computer business</a> <a href="http://www.kemenperin.go.id/artikel/5386/Impor-Komputer-Ketat">too</a> (<i>links updated, now non-gated</i>). Oh, maybe not totally. They expect Foxconn to come and serve domestic economy.<br />
<div>
<br /></div>
<div>
But the funniest comment comes from the quoted telecommunication expert. According to him, import restriction on cellphones, laptops, and tablets is necessary to block "low quality and consumer-harming" products from entering the country. </div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-29618325184771500372013-01-02T13:31:00.001+07:002013-01-02T13:31:52.907+07:00Happy new year!<div dir="ltr">Dear Patrons,<div><br></div><div>We wish you all a happy new year. What, resolution? Yes, of course we will try to brew more coffee, post more stuff, and all. But again, incentives matter. We'll see.</div> <div><br></div><div>Best,</div><div>Kate<br><div><br></div><div><br></div></div></div> Katehttp://www.blogger.com/profile/08506856187077490145noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-75784354987945262422012-12-19T11:24:00.001+07:002012-12-19T11:24:06.968+07:00One day, three news, one story<div dir="ltr">News one: <a href="http://cetak.kompas.com/read/2012/12/19/05570944/percepat.bangun.infrastruktur">infrastructure development lacks funding</a> <div><br></div><div style>News two: <a href="http://cetak.kompas.com/read/2012/12/19/05050430/bola.liar.subsidi.bbm">hefty amount for fuel subsidy is allocated</a></div> <div style><br></div><div style>News three: <a href="http://cetak.kompas.com/read/2012/12/19/05280657/penyelundupan.bbm.tetap.marak">fuel smuggling increases</a></div><div style><br></div><div style>What's the story? Allocative inefficiency is a good recipe for under-development and black market.</div> </div> Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-18156735.post-79347540826591972012012-12-18T03:34:00.001+07:002012-12-18T03:57:03.497+07:00Stupid gun fetish<div dir="ltr" style="text-align: left;" trbidi="on">
In the aftermath of <a href="http://en.wikipedia.org/wiki/Sandy_Hook_Elementary_School_shooting">yet another shooting spree in US</a> (may the victims rest in peace), the gun fetishists again argue foolishly against stricter gun control. They say that had the teachers been armed, such mass killing could have been prevented (e.g. <a href="http://www.huffingtonpost.com/2012/12/14/connecticut-shooting-armed-teachers-gun-advocate_n_2304654.html">here</a>, <a href="http://plancksconstant.org/blog1/2012/12/we_should_arm_every_teacher_to_prevent_another_con.html">here</a>, <a href="http://www.debate.org/opinions/should-teachers-be-armed">here</a>).<br />
<div>
<br /></div>
<div>
That's ridiculous. Teacher's job is to teach students, not to shoot a gun. They should be able to devote their time to improve their teaching skill, not their shooting skill. If they now have to arm themselves with guns, they need special training, a lot of practices, and of course guns and ammunitions. Now, there are hundreds of thousand of schools in US. (Sounds like a good business for gun sales; but that's not the point). </div>
<div>
<br /></div>
<div>
At the same time, knowledge keeps growing, teachers need to update themselves with all that, so they can teach better. That's where they are better at, teaching. Not shooting.</div>
</div>
Katehttp://www.blogger.com/profile/08506856187077490145noreply@blogger.com0tag:blogger.com,1999:blog-18156735.post-76047891900086260492012-12-12T05:15:00.001+07:002012-12-12T05:17:51.399+07:00Rage against the machine, Platini edition<div dir="ltr" style="text-align: left;" trbidi="on">
Michel Platini doesn't like the idea of inviting technology into sports. He strongly <a href="http://sg.sports.yahoo.com/news/platini-stands-firm-against-goal-line-technology-084852758--spt.html">opposes goal-line technology</a>, as, according to him, it is too expensive.<br />
<div>
<br /></div>
<div>
He said it's cheaper to have referees with "good glasses" standing close to the goal-line. Platini surely advocates the idea of replacing all traffic lights with policemen. Technology too expensive? Well, the first time human civilisation invented television, telephone, and what not, people thought they were too expensive. Or of course, the standard fallacy: technology leaves people unemployed. Who invents technology?</div>
<div>
<br /></div>
<div>
I guess <a href="http://en.wikipedia.org/wiki/Luddite">Luddism</a> never dies.</div>
</div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-18156735.post-20267048250168934852012-12-11T07:25:00.002+07:002012-12-11T08:44:01.894+07:00(Possible) Distributional Impact of Cutting the Science Suppose the government decided to slash (or integrate, or reduce, or ... whatever) science subjects out from elementary schools curriculum. What would the private elite (read: expensive) schools do? They would follow government's plan, yes?<br />
<br />
I don't think so. More likely, they will provide additional hours for science with additional fee (rich) parents are more than happy to pay. <br />
<br />
Or, private sectors will spot market for private course on science, especially for those wealthy parents whose kids are enrolled in public schools that have to follow the instruction. <br />
<br />
By the end of the day, well-off kids get more science -- so much for a new curriculum that cuts science.Rizalhttp://www.blogger.com/profile/00173988218021291027noreply@blogger.com0