One of the long-term "structural" costs to a prolonged demand shortfall is that it leads over time to a declining per capita stock of capital goods. In most cases, pianos aren't capital goods as such but the dynamic here is the same:
The value of used pianos, especially uprights, has plummeted in recent years. So instead of selling them to a neighbor, donating them to a church or just passing them along to a relative, owners are far more likely to discard them, technicians, movers and dealers say. Piano movers are making regular runs to the dump, becoming adept at dismantling instruments, selling parts to artists, even burning them for firewood.
“We bust them up with a sledgehammer,” said Jeffrey Harrington, the owner of Harrington Moving & Storage in Maplewood, N.J.
Dismanlting a damaged instrument for parts is one thing, but burning for firewood is just depressing.
TODAY IN SLATE
Here’s Where We Stand With Ebola
Even experienced international disaster responders are shocked at how bad it’s gotten.
It’s Legal for Obama to Bomb Syria Because He Says It Is
I Stand With Emma Watson on Women’s Rights
Even though I know I’m going to get flak for it.
It Is Very Stupid to Compare Hope Solo to Ray Rice
In Defense of HR
Startups and small businesses shouldn’t skip over a human resources department.