art, economics of

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The application of economic theory and analysis to problems in the performing arts (music, theatre, dance), the visual and literary arts and other art forms has expanded greatly over the last 30 years. A basic issue has been to identify the ways in which artistic goods and services differ from other goods and services in the economy, thereby warranting particular attention. This article considers the economic analysis of demand and supply conditions in the arts, market structures (including factor markets) and a range of public policy issues in the area of cultural policy.
Original languageEnglish
Title of host publicationThe new Palgrave dictionary of economics
EditorsSteven N. Durlauf, Lawrence E Blume
Place of PublicationBasingstoke
PublisherPalgrave Macmillan
Number of pages6
ISBN (Print)9780333786765
Publication statusPublished - 2008


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