Chapter 8

Chapter 8 - Economics and the Arts
A summary of the key concepts in the chapter

Free Resource for Learning About Economics

If you have not studied economics, this link to the Khan Academy should be of value. These short videos cover core concepts in microeconomics that can assist you as you read Chapter 8.
Value-Based Approach to Economics, April 2020 (13:31)
Prof. Arjo Klamer explains how the Value-Based Approach can be applied to understand museums, based on his book Doing the Right Thing: A Value-Based Economy (2016). Prof. Arjo Klamer is Emeritus Economics of Art and Culture at the Erasmus University in Rotterdam.
Cultural Economics Online Seminars, – Association for Cultural Economics International (ACEI)
“The Cultural Economics Online Seminars (CEOS) is intended to provide a forum for researchers worldwide to present their work in cultural economics and related areas. It will represent emerging through well-established scholars, showcasing a wide variety of research within cultural economics broadly defined in terms of both topic and method.” Most of the videos are one hour or more. The content presented assumes the listener is well acquainted with the concepts and theories related to cultural economics.
You're Irrational and It's OK, Mario Rizzo, New York University, February 2022 (19:14) Behavioral Economics “Should the government regulate personal behavior, or are the irrational choices of people actually reasonable? Behavioral economics has identified a myriad of cognitive biases that show that people do not behave rationally and make errors in their decisions. This has been used to justify policies and regulations, e.g., on junk food, to nudge people into behaving rationally.”
How Arts Institutions Can Make Maximum Cultural, Economic, and Social Impact, SMU Meadows School of the Arts, July 2018 (1:01:15).
Karen Brooks Hopkins and Steven Wolff held a webinar explaining how arts institutions in transitioning and low-income communities can make maximum cultural, social, and economic impacts.
Cultural Economics
Association for Cultural Economics International - (ACEI) is a society of academics, practitioners, industry professionals, and policymakers that promotes scholarly investigation of issues involved in the economics of the arts and cultural activities.

Cultural Policy and Cultural Economics: Cultural Economics
– Sources listed on the SMU Libraries website.

Association for Cultural Economics International - (ACEI)Category: Economic Impact of Culture
Economic Impact Reports
Arts & Economic Prosperity 6 (AEP6), Americans for the Arts, October 2023 - 52-page PDF

Arts & Economic Prosperity 5, Americans for the Arts, 2015 – 24-page PDF

This link takes you to the Research tab on the Americans for the Arts website. There you can explore the 2015 report details as well as data from previous surveys.

Arts and Cultural Production Satellite Account, U.S. and States, 2021 New statistics for 2021; 2017—2020 updated The Arts and Cultural Production Satellite Account released today by the Bureau of Economic Analysis (BEA) shows that arts and cultural economic activity, adjusted for inflation, increased 13.7 percent in 2021 after decreasing 4.8 percent in 2020 (table 1). By comparison, the broader economy, as measured by real gross domestic product (GDP), increased 5.9 percent in 2021 after decreasing 2.8 percent in 2020. Arts and cultural economic activity accounted for 4.4 percent of gross domestic product (GDP), or $1.02 trillion, in 2021 (tables 2 and 3).

National Endowment for the Arts (U.S.) NEA – The U.S. Arts Economy (1998-2017): A National Report – 16-page summary report

NEA - Creative Economy DashBoard – State by State – 2019, National Assembly of State Arts Agencies (NASAA)

National Archive of Data on Arts and Culture – ACPSA – Data source from the Arts and Cultural Production Satellite Account – April 2021
At a Glance -
Publications -
Other Reports on Arts and Economics in the U.S.

Denver Creative Economy Report with Initial Impacts of the Covid-19 Crisis - 2020

Los Angeles Otis College Report on the Creative Economy 2023 The Otis College Report on the Creative Economy, commissioned annually by Otis College of Art and Design since 2007 focuses on the ways in which California’s creative industries form an essential part of its overall economy. The report highlights five creative industries and eight regional snapshots with a spotlight on Los Angeles. The Otis College Report is an invaluable tool to assess the tremendous impact and influence of the creative sector on the state and regional economy.

New England
New England Foundation for the Arts – Creative Economy - There are multiple tabs with links to reports and data

New York
The Creative Economy - Art, Culture and Creativity in New York City, Oct 2019 – There are multiple tabs with data about a range of creative industry activity

There’s Something About Seattle - 2019 Creative Economy Report – Link to a 67-page report
International Reports on the Creative Economy
Creative Economy Outlook: Trends in international trade in creative industries – 2018 - UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (UNCATD) – You can download the full 455-page report – 2002 to 2015. Check this website for more updated reports.

United Kingdom
Valuing Culture and Heritage Capital: A framework towards decision making - U.K.
This document sets out DCMS’s approach to valuing the benefits provided by culture and heritage assets - January 2021.


Creativity in Crisis: Rebooting Australia’s Arts and Entertainment Sector After COVID – July 2021
Assessing the Value of Economic Impact Studies in the Arts
Michael Ruston, Why it’s time to completely, totally, finally give up on economic impact studies in the arts,, November 12, 2016.
Why it’s time to completely, totally, finally give up on economic impact studies in the arts

Michael Ruston, Economic Impact: A Quick and Dirty Critique,, November 17, 2020
Ticketing and Pricing
International Ticketing Association (INTIX)
“INTIX is a nonprofit membership organization that represents over a thousand ticketing, sales, technology, finance and marketing professionals from over 25 countries. They work in the world of arts, sports and entertainment, as well as a full range of public venues and institutions.”

Ticketing Software and CRM Systems Compared
Here’s a link to Capterra’s list of 378 ticketing software products (in alpha order). There are filters that can be applied to narrow the number of products listed.

Museum Pricing for Affordability and Profit – January 2020
“Today’s post explores how two museums implemented dynamic pricing, based on interviews with Lisa Townsend, vice president of marketing and external relations at The Children’s Museum of Indianapolis, and Dennis Woerner, director of marketing at the Indianapolis Zoo.”
Museum Pricing for Affordability and Profit

Statistics for Dynamic Pricing of Theatre
How do you price a Broadway show? (17-minute read)
By Yaakov Bressler and Kelly Carmody, June 2019
“Summary: Dynamic pricing is the practice of adjusting a price to meet its demand or market value. Given the difficulty of selling 100% of a performance’s tickets and that any unsold tickets immediately expire once a performance starts, dynamic pricing shows promise of lowering ticket prices while increasing revenue for shows. Included are several statistical simulations of pricing scenarios, along with implementable takeaways.”