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Ilya Repin, portrait of Pavel Tretyakov, 1901. The contemporary economics of culture most often takes as its starting point Baumol and Bowen's [1] seminal work on the performing arts, which argues that reflection on the arts has been part of the history of economic thought since the birth of modern economics in the seventeenth century.
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 ...
A printed quiz on health issues. A quiz is a form of mind sport in which people attempt to answer questions correctly on one or several topics. Quizzes can be used as a brief assessment in education and similar fields to measure growth in knowledge, abilities, and skills, or simply as a hobby.
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 ]
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 ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Chapter 15, "How the Price System Works", argues that economic proposals must be analyzed for their long-term and widespread effects, not just their immediate and limited consequences. [3] What Hazlitt considers the fallacy of isolation, or looking at an industry or process in isolation, is the starting point of many economic fallacies.
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 ...