W03-Art Economics

Patrons of the Arts

Art: The Economic Point of View

Required:

Recommended:

Key Course Concepts:

  • monetary
  • rational choice
  • subsidies
  • incentives
  • constraints
  • competitive market
  • monopolistic supplier
  • individualism
  • aesthetic beauty
  • basic preferences
  • revealed preferences
  • income constraint
  • time constraint
  • social constraint
  • physical constraint
  • demand side
  • supply side
  • scarcity
  • marginal willingness to pay
  • representative body

Study Questions:

  • What criteria to economists use to define “art”?
  • Why does individualism clash with institutions, organizations, and representative bodies?
  • How does supply and demand govern the arts in society?
  • What constraints keep people away from art they want?

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