A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output.
We are at a crossroads in the music business: with the rise of the internet the world we live in has changed and the past is not coming back. But I see the glass as half-full: the internet and social networking are new avenues for the next Bob Dylan to be born on.
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It's a real roller-coaster ride if you're lucky to have longevity in this business – you have to be able to ride those waves.
