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When should regions bid for artistic resources?

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  • Tyler Cowen

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Abstract

Under a variety of assumptions, subsidized bidding for creative resources fails to spur economic growth. First, under many conditions, the resource would find an optimal location in any case. Second, the bid may be good for a winning city's economy, but bad for the arts more generally. The bid winner is not necessarily the most appropriate home for the resource. Third, bids based on publicly available information are unlikely to beat the market price for attracting those resources. The key to stimulating growth, and drawing successful creative resources, is to stimulate the underlying microconditions for entrepreneurship, whether in the private or public sectors. Furthermore, we should make arts subsidies less location-specific. Copyright Springer Science+Business Media, LLC 2007

Suggested Citation

  • Tyler Cowen, 2007. "When should regions bid for artistic resources?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 20(1), pages 1-10, March.
  • Handle: RePEc:kap:revaec:v:20:y:2007:i:1:p:1-10
    DOI: 10.1007/s11138-006-0001-1
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    File URL: http://hdl.handle.net/10.1007/s11138-006-0001-1
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    References listed on IDEAS

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    1. Timothy J. Bartik, 2007. "Solving the Problems of Economic Development Incentives," Book chapters authored by Upjohn Institute researchers,in: Ann Markusen (ed.), Reining in the Competition for Capital, chapter 5, pages 103-139 W.E. Upjohn Institute for Employment Research.
    2. Kalt, Joseph P & Zupan, Mark A, 1984. "Capture and Ideology in the Economic Theory of Politics," American Economic Review, American Economic Association, vol. 74(3), pages 279-300, June.
    3. John J. Siegfried & Andrew Zimbalist, 2000. "The Economics of Sports Facilities and Their Communities," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 95-114, Summer.
    4. Throsby, David, 1994. "The Production and Consumption of the Arts: A View of Cultural Economics," Journal of Economic Literature, American Economic Association, vol. 32(1), pages 1-29, March.
    5. Bruce A Seaman, 2011. "Economic Impact of the Arts," Chapters,in: A Handbook of Cultural Economics, Second Edition, chapter 28 Edward Elgar Publishing.
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    Cited by:

    1. Christopher Coyne & Lotta Moberg, 2015. "The political economy of state-provided targeted benefits," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 28(3), pages 337-356, September.

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    Keywords

    Arts; Culture; Subsidy; Entrepreneurship;

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