Megan McArdle and Tyler Cowen each have interesting analyses of Radiohead's move to offer its new album for Whatever Price You Feel Like Paying.

As economists, they're most taken with the nuts and bolts of how the scheme will work as a retail transaction, and how it may directly benefit (or harm) the band. Potentially more explosive, though, is what it means for the industry. It seems that Radiohead, in one swoop, has solved the piracy problem, for starters. As Stereogum puts it:

Looks like "In Rainbows" will be the great equalizer: no advance copies, so probably no leaks -- just a world full of Radioheadheads pressing play on the same day. Meanwhile, another press mailing this morning mentioned "Radiohead are planning a traditional CD release of In Rainbows for early 2008." So, really, we've got a band-sanctioned album leak complete with tip jar, a deluxe package, and the eventual record-store release of the album. It's a nice way of challenging the traditional model, of embracing the way people get their music, and of framing a host of new issues and alternatives for industry wonks to debate and consider for a long time to come.

I had always thought Pearl Jam would be the first to one to go -- to leave the majors and turn guerrilla. But they waited too long. If they pulled a Radiohead now, no one would really care. In the meantime, I've gone through the motions of preordering the new album, but I'm xenophobically paranoid about paying in pounds-and-pence.