Why the market for arts creates a deadweight loss

Reference no: EM132116984

Question: How Arts Funding Is Done Elsewhere When Rick van der Ploege became Holland's secretary of culture in 1998, he launched an arts-funding revolution that alarmed his quiet, multicultural country-but also became a potential model for smaller population countries such as Canada. Bursaries for about $100,000 a year were offered to foreign graduate students. Foreign filmmakers could also receive funding-as long as it met Dutch content requirements. More contentiously, artists would have to prove that there was a market for their creations if they wanted a subsidy. "My argument has always been to get the best people in the world. ... Whether they be Canadian, Japanese, and maybe the Dutch, bring them together, and the locals would then have to compete on a global scale."

Draw a graph to illustrate and explain why the market for arts creates a deadweight loss.

Reference no: EM132116984

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