Reference no: EM133782296

Discussion Post: Cultural Economics & Government Intervention in Arts & Heritage

Here are a few things to keep in mind:

1) Try to adhere to the length limitations (250 words). Remember, more isn't better. Better is better.

2) If/when you make reference to the textbook or any other readings, please be sure to provide a citation so readers can find where that info is.

Part I

The paradox of value

Questions for your consideration:

1) Is 'willingness to pay' a good measure of demand for creative goods and services? Any examples?
2) Are price and value different? What does Adam Smith have to do with this?
3) What does this have to do with the arts & culture? Explain.

Part II

Cultural policy & welfare economics

Questions for your consideration:

1) What is meant by the term 'market failure' according to the Towse text?
2) Give some examples of market failure in the arts and heritage.
3) Explain why market failure in the cultural sector is used as an argument for subsidy to the arts and heritage.

Part III

Economy of Museums & Heritage

Questions for your consideration:

1) In what sense are museums public goods and in what ways are they not?
2) With respect to historical sights, where/how does the market fail such as to require government involvement in these locations?
3) What role does listing play in the conservation of built heritage?