Economics of Arts and Culture

Catalog description

If you think that art, culture, and capitalism don't mix, think again! According to the U.S. Bureau of Economic Analysis (BEA) and the National Endowment for the Arts (NEA), in 2019 the arts and cultural production in the US accounted for about $920 billion of economic activity, or 4.3% of GDP. Americans spent about $10 billion on museum admissions alone. Despite these large figures, the economics of the sector are not well understood. The goal of this class is to explore the economic aspects of arts and culture, examining how economic principles apply to the creation, distribution, and consumption of cultural goods and services, in the US and internationally. Students will learn how to analyze the unique characteristics of cultural markets, the role of public and private funding, and the impact of technological changes and social media on the arts and cultural sectors. The unique cultural landscape of Florence will provide a rich backdrop for exploring the themes of this class and will offer a significant experiential learning opportunity. I plan to organize a visit to the Uffizi Museum (and, in particular, organize a discussion with the director of the museum's Communication department) and to a local auction house to see "valuing arts and culture" in action.