The Economics of Art and Culture

This is the first book to cover not only the economics of the fine arts and performing arts, but also public policy toward the arts at federal, state, and local levels in the United States. The second edition offers greater coverage of the international arts sector. The work will interest academic readers as a supplementary text on the sociology of the arts, as well as general readers seeking a systematic analysis of the economics of the arts. Theoretical concepts are developed from scratch so that readers with no background in economics can follow the argument.

James Heilbrun is Professor Emeritus of Economics at Fordham University.

List of figures and tables

vii

Preface

xi

Part I: The arts sector: Size, growth, and audiences

An overview of the arts sector

3

(10)

Growth of the arts sector

13

(27)

Audiences for the arts

40

(21)

Part II: The microeconomics of demand and supply

Consumer demand: An introduction

61

(24)

The characteristics of arts demand and their policy implications

85

(22)

Production in the performing arts

107

(9)

Firms and markets in the performing arts

116

(21)

Productivity lag and the financial problem of the arts

137

(28)

Part III: The fine arts and museums

The market in works of art

165

(22)

The economics of art museums

187

(32)

Part IV: Public policy toward the arts

Should the government subsidize the arts?

219

(31)

Public and/or private support for the arts in the United States, Canada, and Western Europe

250

(28)

Direct public support for the arts in the United States

278

(33)

Part V: Art, economy, and society

The arts as a profession: Education, training, and employment

311

(25)

The role of the arts in a local economy

336

(24)

The mass media, public broadcasting, and the cultivation of taste

360

(25)

Conclusion: Innovation, arts education, and the future of art and culture in the United States

385

(18)

Index

403

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The Economics of Art and Culture

Summary

Author Biography

Table of Contents

Supplemental Materials