The Economics of Art and Culture

Spanning the economics of fine arts, performing arts, and public policy, this is the long-awaited update of a classic.

Karol J. Borowiecki (Author), Charles M. Gray (Author), James Heilbrun (Author)

9780521870306, Cambridge University Press

Hardback, published 28 September 2023

500 pages
26 x 20.7 x 2.1 cm, 0.94 kg

'This book explains in a very clear way the application of economic principles and methods to 'high arts.' The authors provide an up-to-date analysis, rich in data and illustrative and expressive examples, with an accessible style. The book is recommended to students, arts professionals, policy makers, and others interested in the past and future trends of the arts within the economy.' Ilde Rizzo, University Catania

Spanning the economics of the fine arts, performing arts, and public policy, this updated classic is the go-to resource for navigating today's creative industries. Building on real-world data, engaging case studies, and cutting-edge research, it prepares students for careers in the cultural, creative, and public sectors. By avoiding mathematical treatments and explaining theories with examples, this book develops theoretical concepts from scratch, making it accessible to readers with no background in economics. While most of the theory remains timeless, this new edition covers changes in the world's economic landscapes. Updates include new sections on gender representation, cultural districts and tourism, digital broadcasting and streaming, how technology impacts the arts, and arts management and strategy. The authors demonstrate data-driven decision-making using examples and cases from various databases. Students learn to assess academic results and apply the learned material using the discussion questions and problem sets.

Contents
Part I. The Arts Sector in the Economy: Size, Growth, and Significance: 1. An Overview of the Arts Sector
2. Growth of the Arts Sector
3. Audiences for the Arts
Part II. The Microeconomics of Demand and Supply: 4. Consumer Demand: An Introduction
5. Elasticities of Arts Demand and Their Policy Implications
6. Production and Cost in the Performing Arts
7. Firms and Markets in the Performing Arts
8. Productivity Lag and the Financial Problem of the Arts
9. Economics of Arts Management and Strategy
Part III. The Fine Arts and Museums: 10. The Market in Works of Art
11. The Economics of Art Museums
Part IV. Public Policy and Support for the Arts: 12. Theory and Practice of Government Support for the Arts
13. Private Support for the Arts
Part V. Art, Economy, and Society: 14. The Arts as a Profession: Education, Training, and Employment
15. The Role of the Arts in a Local Economy
16. The Mass Media, Digital Access, and the Cultivation of Taste
17. Innovation, Diversity, and the Future of Art and Culture
Bibliography
Index.

Subject Areas: Microeconomics [KCC]