Economics of the arts and literature

For a broader, also standard, usage of a term below, see Cultural economics.

A concert pianist playing a piano concerto with a full orchestra. Orchestras are one of the largest musical ensembles, as they can contain as many as 100 musicians. In the 2010s, most orchestras receive income from ticket sales, donations and government funding. The latter two sources of income are required because ticket sales alone do not provide enough income for most groups.

Economics of the arts and literature or cultural economics (used below for convenience) is a branch of economics that studies the economics of creation, distribution, and the consumption of works of art, literature and similar creative and/or cultural products. For a long time, the concept of the "arts" were confined to visual arts (e.g., painting) and performing arts (music, theatre, dance) in the Anglo-Saxon tradition. Usage has widened since the beginning of the 1980s with the study of cultural industry (cinema, television programs, book and periodical publishing and music publishing) and the economy of cultural institutions (museums, libraries, historic buildings). The field is coded as JEL: Z11 in the Journal of Economic Literature classification system used for article searches.[1]

  1. ^ In the JEL system, 'Cultural Economics' is a broader category than used in this article.