The Economics of Art and Culture

'In The Economics of Art and Culture, three distinguished cultural economists provide clear and detailed analyses of markets for both the fine and performing arts. Fully up to date, this new edition will be invaluable for anyone who wants to understand the economic basis of the arts, and how the arts are changing in response to new technologies.' David Galenson, University of Chicago 'A lucid, basic introduction to the standard economics of the arts and an excellent primer for anyone interested in this special and increasingly important field of economics.' Arjo Klamer, Erasmus University 'The new edition presents an interesting and well-researched update on the original. It provides a good mix of economic theory, as applied to cultural economics, while also incorporating the impact of newer developments in digital technologies on the supply and demand side, in the post-Covid world. The book provides a theoretically rigorous, up-to-date, and interesting starting point for students of cultural economics. While the use of seminal authors is maintained, the book incorporates the analysis of recent data sets and published articles to extend and update our understanding of the economics of arts and culture in the modern era. The examples used have also been broadened: while the focus is still on the US, data from Australia and European countries are also discussed. Highly recommended.' Jen Snowball, Rhodes University 'A great textbook, made even better with the new coauthor. Ideal for any course in cultural economics, it will be appreciated by students as well as scholars looking for an updated treatment of theoretical and empirical issues in a field that is becoming ever more important within economics.' Federico Etro, University of Florence 'It is the missing work we were waiting for. Innovative, stimulating, and scientific all at the same time, the text clarifies the complexity of the current art and culture market. A global, fluid, extraordinary work, aimed at an audience of experts but also at art and culture enthusiasts.' Alessandro Minello, Ca' Foscari University Venice 'Certain books have the ability to clarify how a person thinks about something, even if they have long thought that their perspective was the right one. Heilbrun and Gray, now with Borowiecki, provide an update to this seminal book on how to think about arts and culture through the lens of economics. In this new edition of the book, the authors emphasize the consistency with which economic models can allow arts administrators, artists, students, and scholars to measure a field that is notoriously thought of as operating outside of logic, using contemporary examples such as the Covid-19 pandemic's effect on the cultural sector and the onslaught of the digitization of culture. The authors provide insights into the dynamics and organization of arts and culture by applying rationality to a field that is often defined by being irrational.' Joanna Woronkowicz, Indiana University 'The new edition of a classic I had been waiting for, for years! It was definitively worth waiting! I strongly recommend the book to anybody teaching economics of arts and culture or just interested in the field! The book should also appeal to practitioners wishing to understand the economics of arts and culture. Its broad international coverage renders it useful in many settings.' Kim Oosterlinck, Université libre de Bruxelles 'Karol Borowiecki is one of the most creative and rigorous cultural economists currently working in the field. This edition is an excellent update of a classic text and will serve students interested in the economics of art and culture for many years to come!' Kathryn Graddy, Brandeis University 'The Economics of Art and Culture spans from classical cultural economics, such as the productivity lag, to contemporary issues such as streaming and dynamic pricing. It is well written in a non-technical style. I highly recommend it as a valuable asset for students and teachers, as well as art administrators and policy makers.' Trine Bille, Copenhagen Business School 'Finally! This much anticipated update to Heilbrun and Gray's classic text is concise and well organized like its predecessor, but adds an international perspective. The authors' discussions of the importance of the arts to local economies - and to society more broadly - are particularly welcome innovations.' Julia F. Lowell, University of California, Santa Barbara 'Since its original publication in 1993, the Heilbrun and Gray textbook The Economics of Art and Culture has become a mainstay in the literature of cultural economics. This third edition has been thoroughly revised and updated by Karol Borowiecki, a leading researcher and teacher in the field. The book will have wide appeal to academics, students, and cultural policy makers, as well as to a general audience interested to learn more about this increasingly important area of economic theory and analysis.' David Throsby, Macquarie University 'One of the most accessible and insightful books on the economics of art and culture. This new edition covers a wide range of topics in concise and informative chapters. It serves as an indispensable guide to anyone seeking a better understanding of the complex yet fascinating relationship between art and economics.' Filip Vermeylen, Erasmus University 'This book explains in a very clear way the application of economic principles and methods to 'high arts.' The authors provide an up-to-date analysis, rich in data and illustrative and expressive examples, with an accessible style. The book is recommended to students, arts professionals, policy makers, and others interested in the past and future trends of the arts within the economy.' Ilde Rizzo, University Catania