What Keith Richards' “Life” As a Rolling Stone Tells Us About Economics

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Indeed, while Richards’ mother worked as a Hotpoint washing-machine demonstrator, “it took her ages to get her own.” Maytag and Sears come to mind as successful businesses headed by highly paid executives who achieved their pay by virtue of making washing machines broadly accessible. Richards also notes that his family “didn’t have a record player for a long time”, but thanks to innovators who were doubtless well compensated for mass producing the once obscure disc player, someone of Richards’ humble beginnings was eventually able to buy and play music.

The above was particularly important when we consider Richards’ career path. As he put it, “I’ve learned everything I know off of records”, and “Being able to hear recorded music freed up loads of musicians that couldn’t necessarily afford to learn to read or write music, like me.” Economic commentators love to bash the rich as greedy, but the profit motive driving music industry executives provided Richards with a musical education on the relative cheap.

Commentators regularly bemoan inequality in terms of opportunity while seeking government fixes, but Richards’ inspiring story reminds us that starting at the bottom is often a blessing. His first guitar cost 10 British pounds, but since his mother couldn’t afford to pay for it, she got someone else to purchase it, and then that someone eventually defaulted. Notable here is that Richards “couldn’t afford an electric” guitar, but his family’s inability to pay for an electric was instrumental in his rise as a guitar player.

As he explained it, “I firmly believe if you want to be a guitar player, you better start on acoustic and then graduate to electric.” Rather than allow his reduced economic circumstances to act as a barrier to achievement, he accentuated the positive, that he had a guitar, and proceeded to “play every spare moment I got.” Clearly Richards started at the bottom, and had less financial resources to fund his development much as there’s inequality among children today, but this was no deterrent.

Richards’ view is that “if you want to get to the top, you’ve got to start at the bottom, same with anything.” Wise words from a wise man, and something politicians would do well remember as they seek to achieve equality through legislative fiat. Being at the bottom often drives creativity, as Richards’ story attests. Thank goodness British politicians weren’t giving out electric guitars back in the ‘50s.

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What Keith Richards' “Life” As a Rolling Stone Tells Us About Economics
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