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Measuring intrinsic value – how to stop worrying and love economics

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Author Info

  • Bakhshi, Hasan
  • Freeman, Alan
  • Hitchen, Graham

Abstract

This paper seeks to transcend entrenched misunderstandings between economists and arts policymakers, leaders and funders. These misunderstandings, which have long dogged discussion on arts funding in the UK, are most evident in the long-running debate about ‘instrumental’ and ‘intrinsic’ approaches to public expenditure on culture and the arts. As a general theory of public choice, economics provides tools for measuring the intrinsic as well as instrumental value of art in a way that is commensurable with other calls on the public purse. The reluctance to use rigorous economic methods has hindered rather than helped the case for the arts. This paper offers a provocative reconsideration of the outdated and poorly-informed prejudices which lie behind this reluctance. This is a prepublication draft. A version has been published electronically by Mission Models Money and can be accessed at http://www.missionmodelsmoney.org.uk/page.php?id=34

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File URL: http://mpra.ub.uni-muenchen.de/14902/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14902.

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Date of creation: Apr 2009
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Handle: RePEc:pra:mprapa:14902

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Keywords: cultural economics; creative industries; innovation; internet;

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  1. Throsby,David, 2000. "Economics and Culture," Cambridge Books, Cambridge University Press, number 9780521586399, October.
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Cited by:
  1. Allan, Corey & Grimes, Arthur & Kerr, Suzi, 2013. "Value and Culture," Working Papers 13_09, Motu Economic and Public Policy Research.

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