We examine the iconic song, Wells Fargo Wagon, in the musical "The Music Man" to provide an illustration of economic history and innovation. As part of this, we show the significance of the Wells Fargo Wagon in 1912 Iowa as an efficient means of product delivery, emphasizing its importance in early 20th-century transportation and shipping.
We also discuss the evolution of product access from catalogs to shopping malls to online shopping, which shows that firms constantly innovate to offer value to consumers and increase their profits. We also discuss the dual benefits of innovation, where while firms seek profits, consumers also enjoy increased efficiency, lower costs, and better access to products, leading to enhanced consumer surplus. This is part of a series of videos I'm dropping highlighting economic lessons from Broadway songs.