ECON 222 Spring 2015 Economics of the Arts and Culture

What economic forces influence the creation, presentation, preservation and ownership of art and culture? Should support for the arts be provided through private patronage, private philanthropy, or public sector support? How does the mechanism of support for art affect the productivity and creativity of the artist? Does art make a good investment for an individual? How do art markets function and what determines the price of art? Why do some art museums and performing arts organizations require donations and public support and operate as non-profit enterprises, while other types of culture production and preservation operate as for-profit enterprise? What are the impacts on economic vitality and local economic development of cultural and arts organizations? When these impacts arise, how can (or should) they be used for public policy? This course will use the tools of economic analysis to present a framework for discussion and analysis of these and related questions.
Class Format: lecture/discussion
Requirements/Evaluation: midterm and final exam, two policy memoranda
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Prerequisites: ECON 110
Enrollment Preference: sophomores and juniors
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Divisional Attributes: Division II
Other Attributes: POEC Comparative POEC/Public Policy Courses
Enrollment Limit: 35
Expected Enrollment: 30
Class Number: 3473
ECON 222 - 01 (S) LEC Economics of Art and Culture Division 2: Social Studies Stephen C. Sheppard
M 7:00 PM-9:40 PM Schapiro Hall 129 3473
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