The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Art, Economics of

  • David Throsby
Reference work entry


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.


Advertising and cultural goods Art, economics of Baumol’s disease capital goods Cultural goods as charitable donations And tax Contingent valuation Copyright And ‘fair use’ Cultural capital Cultural goods and services Defined Droit de suite Education And arts demand Herding Heritage assets Intellectual property And cultural goods Joint consumption Market structure Monopolistic competition In live performing arts Moral rights Non-participant benefits Non-pecuniary motives In the arts Not-for-profit firms Output quality Vs price as determinant of demand Path dependence Product differentiation Superstars Tax deductibility 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • David Throsby
    • 1
  1. 1.