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The panorama of the field of cultural economics as it is defined at the beginning of the 21st century can be seen in the table of contents of the Handbook of the Economics of Art and Culture. The problem of the value of cultural goods continues to be an important subject of reflection.
Economics of the arts and literature or cultural economics (used below for convenience) is a branch of economics that studies the economics of creation, distribution, and the consumption of works of art, literature and similar creative and/or cultural products. For a long time, the concept of the "arts" were confined to visual arts (e.g ...
The creative industries refers to a range of economic activities which are concerned with the generation or exploitation of knowledge and information.They may variously also be referred to as the cultural industries (especially in Europe) [1] or the creative economy, [2] and most recently they have been denominated as the Orange Economy in Latin America and the Caribbean.
Cultural economics is the branch of economics that studies the relation of culture to economic outcomes. Here, 'culture' is defined by shared beliefs and preferences of respective groups. Programmatic issues include whether and how much culture matters as to economic outcomes and what its relation is to institutions. [ 1 ]
A creative economy is based on people's use of their creative imagination to increase an idea's value.John Howkins developed the concept in 2001 to describe economic systems where value is based on novel imaginative qualities rather than the traditional resources of land, labour and capital.: [1] Compared to creative industries, which are limited to specific sectors, the term is used to ...
The most important development in economic thought during the Great Depression was the Keynesian revolution, including the publication in 1936 of The General Theory of Employment, Interest, and Money by John Maynard Keynes. (See the discussion of Keynesianism below.) Subsequently, a more orthodox body of thought took root, reacting against the ...
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Like the rest of cultural economics, the economic theory of museums is a relatively recent branch of economics. In fact, economic analysis only began to be applied to museums in the 1980s, as the number of museums multiplied and trade-offs were made necessary by the climate of budgetary austerity that called into question public subsidies in ...