Cultural Economics
Edition: 1
Copyright: 2018
Pages: 370
Edition: 1
Copyright: 2018
Pages: 370
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Economics is a social science that attempts to understand the actions of individuals and the institutions that they create.
Of course, individuals are members of society. In fact, most individuals identify closely with only one or, at most, a very few cultures, each of which has its own cultural heritage. In recent years, the economics profession has begun to recognize the importance of culture to the individual and has evolved a rapidly expanding subdiscipline of Cultural Economics that focuses exclusively on the analysis of cultural activities as integral workings of the overall economy.
Cultural Economics is intended to provide and in-depth introduction to the economist's perspective on the consumption, valuation, and perpetuation of a society's cultural heritage.
I Foundations for the Study of Cultural Economics
1 Introduction
1.1 Art and Culture
1.2 Cultural Economics
1.3 Art, the Artist, and Copyright Laws
1.4 Summary
1.5 Review and Discussion Questions
1.6 References
2 Art and Culture in America
2.1 The Concentric Circles Model of Cultural Industries
2.2 The Contribution of Art and Culture to the U.S. Economy
2.3 Cultural Goods: Supply and Demand
2.4 Price Signals from Supply and Demand
2.5 Factors Affecting the Demand for Cultural Goods
2.6 Factors Affecting the Supply of Cultural Goods
2.7 Summary
2.8 Review and Discussion Questions
2.9 References
3 Creativity and Genius
3.1 What are Creativity and Genius?
3.2 Creativity as an Economic Resource
3.3 Creativity and Culture
3.4 The Creative Life Cycle of the Artist
3.5 Can Creativity Be Learned?
3.6 Summary
3.7 Review and Discussion Questions
3.8 References
II Understanding the Demand for Cultural Goods
4 Value and the Theory of Consumer Choice
4.1 Quantifying Utility
4.2 Cultural Goods as an Acquired Taste
4.3 Utility of What?
4.4 The Individual Demand Curve
4.5 Market Demand Curve
4.6 The Economic Role of Scalpers?
4.7 Summary
4.8 Review and Discussion Questions
4.9 References
5 Determinants of Demand for Cultural Goods
5.1 Price Elasticity of Demand
5.2 Marginal Revenue and the Price Elasticity of Demand
5.3 Income Elasticity of Demand
5.4 Cross-Price Elasticity of Demand
5.5 Summary
5.6 Review and Discussion Questions
5.7 References
III Supply Decisions for the Live Performing Arts
6 Theory of the Live Performing Arts Firm
6.1 The Cultural Heritage of Le Sacre du Printemps (The Rite of Spring)
6.2 Measures of Output from the Live Performing Arts Firm
6.3 Production Costs
6.4 The Structure of the Markets for the Live Performing Arts
6.5 Government and Private Support for the Performing Arts
6.6 Artistic Merit: The Choice of Quality
6.7 Summary
6.8 Review and Discussion Questions
6.9 References
7 The “Cost Disease” in the Performing Arts
7.1 The Cultural Heritage of Opera Buffa (Italian Comic Opera)
7.2 Productivity and Production Costs
7.3 The “Cost Disease”
7.4 Factors that Mitigate the Productivity Lag
7.5 Artistic Deficit
7.6 Summary
7.7 Review and Discussion Questions
7.8 References
IV The Arts
8 The Market for Fine Art
8.1 Costs of Participating in the Art Markets
8.2 Primary and Secondary Markets for Fine Art
8.3 Art Auction Houses
8.4 Breaking the Monopoly of the Parisian Salon
8.5 The Internet and Today’s Art Market
8.6 Summary
8.7 Review and Discussion Questions
8.8 References
9 Investing in Fine Art
9.1 Income, Wealth, and the Demand for Fine Art
9.2 Expected Rate of Return on Fine Art
9.3 Risks in Investing in Fine Art
9.4 Liquidity & Supply Factors in the Demand for Fine Art
9.5 Consumer Taste and the Demand for Fine Art
9.6 Summary
9.7 Review and Discussion Questions
9.8 References
V Art, the Artist, and Intellectual Property Rights
10 The Professional Artist
10.1 What is Art?
10.2 Pop Art and the Fame of Andy Warhol
10.3 “The Curious Economics of Contemporary Art”
10.4 Protection for Artists’ Works
10.5 Summary
10.6 Review and Discussion Questions
10.7 References
VI Cultural Heritage
11 Economics of Museums
11.1 The Mission of an Art Museum
11.2 The Museum as Built Heritage
11.3 The Louvre
11.4 Expenditures of Art Museums
11.5 Operating Costs of Art Museums
11.6 Innovations in Museum Management
11.7 Summary
11.8 Review and Discussion Questions
11.9 References
12 Subject Index
13 Author Index
14 Bibliography