The Arts in the "New Economy"
William J. Baumol
Chapter 11 in Handbook of the Economics of Art and Culture, 2006, vol. 1, pp 339-358 from Elsevier
The revolutionary growth in economic prosperity and technological change that underlie the "new economy" have profoundly affected the arts. They have evidently contributed new and previously unimaginable methods of dissemination and preservation. But they have even had revolutionary effects on goals and standards. They have substantially affected training. These developments also raise profound problems for financial support and pricing. The paper characterizes these developments and suggests the nature of the relationships. It also provides a brief discussion of relevant pricing principles dealing with the trade-off between encouragement of creativity and facilitation of dissemination.
JEL-codes: Z19 (search for similar items in EconPapers)
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