What Values Should Count in the Arts? The Tension between Economic Effects and Cultural Value
The basic distinction made in this volume compares ï¿½economic valueï¿½, expressed in monetary terms, to ï¿½cultural valueï¿½, reflecting cultural, aesthetic and artistic significance. This paper makes a different distinction which is rarely made explicit but which is of central importance to the decision process in cultural policy. On the one hand, ï¿½valueï¿½ is attached to the economic effects of cultural activities: When cultural values are created, economic activity is bolstered. The increase of commercial actitivities induced is measured by the so-called ï¿½impact effectï¿½. On the other hand, the value of culture is reflected in the increased utility going to consumers and non-consumers of a particular cultural activity. This type of value is measured by ï¿½willingness to pay studiesï¿½. I argue that these two values dominate cultural policy but they capture totally different aspects and are proferred by different kinds of communities.
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- 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.
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- Trine Hansen, 1997. "The Willingness-to-Pay for the Royal Theatre in Copenhagen as a Public Good," Journal of Cultural Economics, Springer, vol. 21(1), pages 1-28, March.
- Richard Epstein, 2003. "The Regrettable Necessity of Contingent Valuation," Journal of Cultural Economics, Springer, vol. 27(3), pages 259-274, November.
- Mueller,Dennis C., 2003. "Public Choice III," Cambridge Books, Cambridge University Press, number 9780521894753, November.
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