This volume emphasizes the economic aspects of art and culture, a relatively new field that poses inherent problems for economics, with its quantitative concepts and tools. Building bridges across disciplines such as management, art history, art philosophy, sociology, and law, editors Victor Ginsburgh and David Throsby assemble chapters that yield new perspectives on the supply and demand for artistic services, the contribution of the arts sector to the economy, and the roles that public policies play. With its focus on culture rather than the arts, Ginsburgh and Throsby bring new clarity and definition to this rapidly growing area.

Key Features

  • Presents coherent summaries of major research in art and culture, a field that is inherently difficult to characterize with finance tools and concepts
  • Offers a rigorous description that avoids common problems associated with art and culture scholarship
  • Makes details about the economics of art and culture accessible to scholars in fields outside economics


Graduate students and professors worldwide working in all subdisciplines of economics and finance.

Table of Contents

Introduction to the Series



Chapter 1. Introduction and Overview

1.1 Introduction

1.2 Value and Evaluation in Art and Culture

1.3 Demand, Consumption, and Investment

1.4 Innovation and Technological Change

1.5 Trade, Development, and Cultural Diversity

1.6 Broader Cultural Issues

1.7 Conclusion


PART I: Value and evaluation in art and culture

Chapter 2. Creative Genius in Literature, Music, and the Visual Arts


2.1 Introduction

2.2 Achieved Eminence

2.3 Individual Attributes

2.4 Lifespan Development

2.5 Social Processes

2.6 Conclusion


Chapter 3. Contemporary Experimental Aesthetics: Procedures and Findings


3.1 Introduction

3.2 An Artwork as Stimulus

3.3 Processes Underlying an Aesthetic Experience with Visual Art

3.4 The Viewer’s Contribution to an Aesthetic Experience

3.5 The Art Museum as Laboratory

3.6 Conclusion


Chapter 4. The Economic and Cultural Value of Paintings: Some Empirical Evidence


4.1 Introduction

4.2 Hypotheses

4.3 Data and Method

4.4 Results

4.5 Conclusion



Chapter 5. Values of Music


5.1 Introduction

5.2 Preliminary Distinctions

5.3 Music’s Value for Listener, Performer, And Composer

5.4 Manners of Musical Value

5.5 The Centrality of Music in Human Life

5.6 The Artistic Value of Music

5.7 Music’s Extra-Artistic Value

5.8 Music’s Aesthetic Value

5.9 Music’s Symbolic Value

5.10 Music’s Self-Affirmation Value

5.11 Music’s Social Value

5.12 Music’s Idiosyncratic Value<


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© 2014
North Holland
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"This handbook is situated at the very cutting edge of modern economics: the place where rational thought and the idea of culture meet, mix and invite to new exciting theories. Add to this a deep concern with culture in the form of art, and you have a book that becomes extra interesting and important – to general readers, social scientists and good libraries." --Richard Swedberg, Cornell University

"This book is an actual encyclopedia of creativity in a disguise of collected papers. It is enjoyable like a product of creative art, valuable as a stimulus of mind and useful mentor in the process of our problem solving. It is worth reading."--Istvan Magyari-Beck, Corvinus University of Budapest and New York State University College at Buffalo, New York

"Victor Ginsburgh and David Throsby have prepared an edited volume that will quickly become the standard resource in the field of cultural economics.  This carefully constructed work provides both the breadth of subjects and detailed analysis necessary for teachers, researchers, practitioners, and students, with topics ranging from creative genius to the pricing of rock concerts."  --Kathryn Graddy, Brandeis University