Planned obsolescence

Planned obsolescence or built-in obsolescence in industrial design and economics is a policy of planning or designing a product with an artificially limited useful life, so it will become obsolete, that is, unfashionable or no longer functional after a certain period of time. The rationale behind the strategy is to generate long-term sales volume by reducing the time between repeat purchases (referred to as "shortening the replacement cycle").

Producers that pursue this strategy believe that the additional sales revenue it creates more than offsets the additional costs of research and development and opportunity costs of existing product line cannibalization. In a competitive industry, this is a risky strategy because when consumers catch on to this, they may decide to buy from competitors instead.

Planned obsolescence tends to work best when a producer has at least an oligopoly. Before introducing a planned obsolescence, the producer has to know that the consumer is at least somewhat likely to buy a replacement from them. In these cases of planned obsolescence, there is an information asymmetry between the producer – who knows how long the product was designed to last – and the consumer, who does not. When a market becomes more competitive, product lifespans tend to increase. For example, when Japanese vehicles with longer lifespans entered the American market in the 1960s and 1970s, American carmakers were forced to respond by building more durable products.

Blues Project

The Blues Project is a band from the Greenwich Village neighborhood of New York City that was formed in 1965 and originally split up in 1967. While their songs drew from a wide array of musical styles, they are most remembered as one of the earliest practitioners of psychedelic rock, as well as one of the world's first jam bands, along with the Grateful Dead.

Career

In 1964, Elektra Records produced a compilation album of various artists entitled, The Blues Project, which featured several white musicians from the Greenwich Village area who played acoustic blues music in the style of black musicians. One of the featured artists on the album was a young guitarist named Danny Kalb, who was paid $75 for his two songs. Not long after the album's release, however, Kalb gave up his acoustic guitar for an electric one. The Beatles' arrival in the United States earlier in the year signified the end of the folk and acoustic blues movement that had swept the US in the early 1960s.

Kalb's first rock and roll band was formed in the spring of 1965, playing under various names at first, until finally settling on the Blues Project moniker as an allusion to Kalb's first foray on record. After a brief hiatus in the summer of 1965 during which Kalb was visiting Europe, the band reformed in September 1965 and were almost immediately a top draw in Greenwich Village. By this time, the band included Danny Kalb on guitar, Steve Katz (having recently departed the Even Dozen Jug Band) also on guitar, Andy Kulberg on bass and flute, Roy Blumenfeld on drums and Tommy Flanders on vocals.