art, economics of

David Throsby
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

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.
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How to cite this article

Throsby, David. "art, economics of." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 24 November 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_E000224> doi:10.1057/9780230226203.0062

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