Cultural Economics - A Recent Specialisation of Economics

Abstract

Cultural economics has recently been included in the development of Economics. The seminal paper Performing Arts: The Economic Dilemma by William Baumol and William Bowen, much acknowledged by specialists and from which this specialization originates, dates back to 1966. In spite of its short life, cultural economics is a dynamic area for applying economic analysis to diverse subjects such as: “Baumol’s cost-disease”, cultural policy, models of consumption of cultural goods, concepts of capital and cultural value, organizational and managerial structures of cultural companies, the functionary of art markets and the development of the sector’s economic accounts.

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Keywords: cultural economics, Baumol’s cost-disease, cultural policy, cultural goods, cultural industries

JEL Classification: Z11, B30