There is a (mis)perception that the economic approach relies on soulless, cold and calculating rational actors. This leads many who work in the cultural arena to be suspicious of and sometimes even deny any possibility of economists’ contribution. To many, an economic theory associated with profit-maximizing firms seems ill-suited to describe many artists. And perhaps some suspicion of a discipline rooted in assuming everyone is “rational” is well-founded. Nonetheless, the economic approach still has some useful insights and tools to contribute to the study of cultural value.
Presented by Douglas Noonan, Associate Professor at the School of Public Policy at Georgia Institute of Technology
Lasting Effects Conference Summary and Edited Transcript (PDF) — Edited for clarity as well as concision, this document highlights the major themes of this conference. It provides a clear and brief introduction to current thinking about economic impact analyses. This document also contains a very informative introduction by Jonathan Katz and a glossary of economic terms.