Economics of Art and Culture (358-0-25)

Instructors

James A. Hornsten
847/491-8220

Meeting Info

Kellogg Econ Classroom 1410: Tues, Thurs 6:00PM - 9:00PM

Overview of class

The course examines the application of economic analysis to the creative and performing arts, and the heritage and cultural industries, whether publicly or privately owned. It is concerned with the economic organization of the cultural sector and with the behavior of producers, consumers and governments in that sector. Topics may include performing arts (ballet, opera, Broadway, orchestra); art museums; festivals and cultural tourism; and copyright-reliant creative industries (music, film, TV shows, video games, book publishing).

Registration Requirements

ECON 281-0, ECON 310-1, and ECON 310-2

Learning Objectives

Students should be able to apply microeconomic tools to analyze the incentives of those who produce and consume a variety of artistic products, as well as government policies that impact their decisions. E.g., what are the key economic problems faced by a painter, art gallery, collector/investor, auction house, philanthropist, or a funding organization such as the NEA?

Teaching Method

Lecture: Two/week
Other: one enrollment-contingent problem-solving session/week

Evaluation Method

Exams: Last exam held on last day of class
Problem sets
Project, final: Group Project

Class Materials (Required)

There is no required textbook, but supplementary materials (slides, articles, podcasts, videos) will be made available through Canvas.

Class Materials (Suggested)

Economics of Art and Culture, 3rd edition, 2023, Cambridge University Press, ISBN: 978-0521690423

Class Attributes

Face to face: In person, in campus space

Enrollment Requirements

Enrollment Requirements: Pre-requisite: Students must have taken ECON 310-1 or MMSS 211-1 and ECON 281 or ECON 381-1 or MATH 386-1 or IEMS 304 or STAT 350 to successfully enroll in this course.