A Textbook of Cultural Economics by Ruth Towse

By Ruth Towse

What determines the cost drop of a pop live performance or an opera? Why does Hollywood dominate the movie undefined? Does unlawful downloading harm the list undefined? Does loose access to museums convey extra viewers? In A Textbook of Cultural Economics, one of many world's top cultural economists indicates how we will use the theories and techniques of economics to respond to those and a bunch of alternative questions in regards to the arts (performing arts, visible arts, and literature), history (museums and equipped background) and inventive industries (the tune, publishing, and picture industries, broadcasting). utilizing overseas examples and masking the main updated examine, the e-book doesn't suppose a previous wisdom of economics. it truly is ultimate for college kids taking a path at the economics of arts as a part of an arts management, enterprise, administration, or economics measure.

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Chapter 4 is on the economic organisation of the creative industries. Chapter 5 deals with the production and supply of creative goods and services, and chapter 6 similarly deals with the consumption, participation and demand aspects. Chapter 7 looks at the way cultural economics analyses policy using welfare economics. These chapters therefore lay the foundation for analysing and understanding the creative industries studied in subsequent chapters. 1 Introduction to cultural economics This chapter introduces cultural economics and explains how cultural economists set about analysing the cultural sector – the arts (performing arts, visual arts and literature), heritage (museums and built heritage) and the creative industries (the music, publishing and film industries, broadcasting, and so on).

Traditionally, neoclassical analysis has assumed that firms maximise profits; microeconomic analysis is also applied to non-profit organisations, however, which may maximise other objectives, such as attendances or membership. Microeconomic theory is used in chapters 5, 6, 7 and 11 in this book. 6 The term ‘neoclassical’ is to be understood as succeeding ‘classical’ economics, as developed by Smith in 1776 and his followers in the subsequent 100 years or so. 23 Appendix: Economic theories in cultural economics Welfare economics Welfare economics is probably the most widely used approach in cultural economics.

CBA is also used in economic impact studies, which measure the costs and benefits of a cultural project to a city or region. CBA is being complemented and to some extent replaced in cultural economics by a recent and fast-growing literature on contingent valuation (CV) analysis, also firmly rooted in welfare economics, which uses surveys of people’s subjective estimates of the value they place on public projects as a basis for decision-making. These methods of decision-taking attempt to provide ‘positive’ empirical evidence of economic and cultural variables.

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