When Ludwig van Beethoven died in 1827, a musician playing one of his string quartets could expect to earn about 75 Austrian florins. Adjusting for inflation that’s roughly $US3750 ($5666) today. Nearly two centuries later a musician playing the same piece can expect to earn about $US75,000 a year.

The technology involved hasn’t changed – it still involves a violin or a cello and the musician’s talent – but real wages have grown twentyfold, or about 1.5 per cent a year. How come?