When obscure bands like the Dirty 30s play a gig, they are often paid a percentage of the bar sales. This time-honoured tradition solves two information problems: 1. The owner of a bar may lack the time or the ability to assess a band's quality. But with a revenue-sharing arrangement, that's not a problem – […]

Last night I went to a concert of golden classics – pieces like the Toreador song from Carmen that have the audience humming along. And I started wondering – why, when I go to a classical music concert, do I so rarely hear something written by a living composer? I can think of three explanations.