The 2001 second edition of this survey of the economics of - and public policy towards - the fine arts and performing arts covers arts at federal, state, and local levels in the United States as well as the international arts sector. The work will interest academic readers in the field and scholars of the sociology of the arts, as well as general readers seeking a systematic analysis of the arts. Theoretical concepts are developed from scratch so that readers with no background in economics can follow the argument. The authors look at the arts' historical growth and then examine consumption and production of the live performing arts and the fine arts, the functioning of arts markets, the financial problems of performing arts companies and museums, and the key role of public policy. A final chapter speculates about the future of art and culture in the United States.
• Clear, non-technical language • More than 40 tables easily convey essential data • Theoretical concepts are developed from scratch for readers with no background in economics
Part I: 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. The characteristics of arts demand and their policy implications; 6. Production in the performing arts; 7. Firms and markets in the performing arts; 8. Productivity lag and the financial problem of the arts; 9. The market in works of art; 10. The economics of art museums; 11. Should the government subsidize the arts?; 12. Public and/or private support for the arts in the US, Canada, and Western Europe; 13. Direct public support for the arts in the US; 14. The arts as a profession: education, training, and employment; 15. The role of the arts in a local economy; 16. The mass media, public broadcasting, and the cultivation of taste; 17. Conclusion: innovation, arts education, and the future of art and culture in the United States.