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Measuring intrinsic value – how to stop worrying and love economics

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  • 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 This paper offers a provocative reconsideration of the outdated and poorly-informed prejudices which lie behind this reluctance.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

Suggested Citation

  • Bakhshi, Hasan & Freeman, Alan & Hitchen, Graham, 2009. "Measuring intrinsic value – how to stop worrying and love economics," MPRA Paper 14902, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:14902
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    File URL: https://mpra.ub.uni-muenchen.de/14902/1/MPRA_paper_14902.pdf
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    References listed on IDEAS

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    1. Towse, Ruth, 2002. "Review of Richard E. Caves, Creative Industries: Contracts between Art and Commerce," Journal of Political Economy, University of Chicago Press, vol. 110(1), pages 234-263, February.
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    Cited by:

    1. Zoe Bulaitis, 2017. "Measuring impact in the humanities: Learning from accountability and economics in a contemporary history of cultural value," Palgrave Communications, Palgrave Macmillan, vol. 3(1), pages 1-11, December.
    2. Jen D Snowball, 2011. "Cultural Value," Chapters, in: Ruth Towse (ed.), A Handbook of Cultural Economics, Second Edition, chapter 25, Edward Elgar Publishing.
    3. Allan, Corey & Grimes, Arthur & Kerr, Suzi, 2013. "Value and Culture," Working Papers 13_09, Motu Economic and Public Policy Research.

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    More about this item

    Keywords

    cultural economics; creative industries; innovation; internet;
    All these keywords.

    JEL classification:

    • Z1 - Other Special Topics - - Cultural Economics
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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