ECON-3698 Economy of Culture
Economy of culture consists of the application of the economic analysis to the artistic creation field (plastic arts), stage arts (dance and theater), heritage (monuments, museums) and cultural industries (movies, television, music, architecture, advertising), both in the public and the private sectors. The above refers to the economic organization of the cultural sector and the behavior of producers, consumers and governments in such sector. Through theory and its applications, students will discover that the cultural sector has its own dynamics and will become familiar with the instruments used by policymakers and market participants, and will notice the limitations of such tools. Among the main subjects to address each week, we may include: 1) Analysis from the public intervention culture economy in arts and heritage: economy of well-being, information problems, subsidies, regulation. 2) Demand studies: preference formation, contingent valuation theory. 3) Supply: the effect of subsidies in the supply. 4) Economy of the stage arts sector: Baumol costs disease. 5) Economy of museums and monuments. 6) International comparison of cultural provision and public finances. 7) Operation of markets in the cultural world 8) Economic history of stage arts. 9) Empiric studies of demand and audiences. 10) Cost studies in the artistic and heritage organizations. 12) Studies on labor market of artists.
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