The Economics of Art and Culture

Karol J. Borowiecki is Professor of Economics at the University of Southern Denmark. He is president-elect of the Association for Cultural Economics International, editorial board member of the Journal of Cultural Economics and Tourism Economics, and co-founder of Economists Talk Art. He shapes cultural policy by influencing some of the most important institutions in Europe, writing policy briefs, and speaking to the public and media. Charles M. Gray is Professor Emeritus of Business Economics at the Opus College of Business and Senior Fellow at the Center for the Common Good at the University of St. Thomas in Minnesota. He is a past president of the Association for Cultural Economics International and has served as a consultant to the National Endowment for the Arts. The late James Heilbrun was Professor Emeritus of Economics at Fordham University. He was an editorial board member of the Journal of Cultural Economics and a consultant to the National Endowment for the Arts.

'In The Economics of Art and Culture, three distinguished cultural economists provide clear and detailed analyses of markets for both the fine and performing arts. Fully up to date, this new edition will be invaluable for anyone who wants to understand the economic basis of the arts, and how the arts are changing in response to new technologies.' David Galenson, University of Chicago

• 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.