ARTS ECONOMICS I

The aim of the course ARTS ECONOMICS (12 CFU) is to introduce fundamental concepts, issues, analytical tools and recent trends of economics applied to the cultural sector, including the arts (visual arts, performing arts etc.), cultural heritage and creative industries (music industry, movie industry etc.). The course will show the relationship between the cultural domains and the economic system, and how the economic theory can be used to understand and analyze economic problems in the cultural sector. To this end, the course will present the fundamentals of microeconomics and public sector economics.

The course consists of two modules, ARTS ECONOMICS I (6 credits) and ARTS ECONOMICS II (6 credits).

In particular, the first module ARTS ECONOMICS I aims to provide an overview of the economic profile of the cultural sector and of cultural economics as a discipline, including its main theoretical concepts applied in particular to the production and consumption of goods and cultural activities.

On successful completion of this course, students should be able to:

- Understand, apply and deal with fundamental concepts, issues and recent trends of economics applied to the arts, culture and creative industries.

- Develop and adapt an economic reasoning related to the cultural sector in both for-profit and nonprofit settings.

- Know the general basics of microeconomic theory and be able to apply them to different aspects of artistic and cultural production and consumption.

- Explain the main models that make the economics of culture a distinctive discipline, highlighting the limitations of the neoclassical economic approach

- Understand the arguments for the public support of art and culture, and the mechanisms of public funding for culture

- Discuss the role of culture from the economic growth and welfare perspective

There are no compulsory propaedeutic courses.

- The economic profile of the cultural sector (including definitions and taxonomies of CCIs)

- The role of copyright and intellectual property rights for the creative industries

- Consumption, participation and demand for cultural goods and services

- Production, costs and supply of cultural goods and services

- The economics of the performing arts, museums and creative industries

- The fine arts market

Heilbrun and C.M. Gray " The economics of art and culture" Cambridge University Press (second edition): Chapter 3, 4, 5, 6, 7, 8, 9, 10.
Slides available on Moodle.
Other course material will be communicated throughout the course, in class and on Moodle, where they will be made available.

Written test lasting around one and a half hours containing both open and closed-ended questions.

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Lectures with in-class discussions, real case studies, individual readings.