The 2023 Rock & Roll Hall of Fame induction ceremony happened on Friday, and as I saw advertisements from it and highlights from it, I thought back to last year’s ceremony when Dolly Parton was inducted into the Hall of Fame. Dolly Parton is a fantastic singer, songwriter, performer, and all-around icon, and she also demonstrates some interesting economic ideas about redistribution.
Dolly is one of the most famous singers in the world, and has been for a while, and she has had the opportunity to become a billionaire at many points in her life, yet she chooses to donate hundreds of millions of her fortune to philanthropic causes. Compared to others, such as Jeff Bezos, who have achieved billionaire status, she demonstrates that different individuals may choose to redistribute money until their marginal utility of income is equal to that of the super rich. Part of the reason why Dolly has donated so much of her potential billion-dollar fortune may be because her marginal utility for income is far less than some, like Jeff Bezos, and she contributes to philanthropies in order to get her marginal utility for income to a point where it is equal to someone who is a billionaire. Overall, to me this is just one example as to why Dolly Parton is a total rockstar, both on and off the stage.
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