Public Support of the Arts

Bruno Frey

Chapter Chapter 15 in Economics of Art and Culture, 2019, pp 123-130 from Springer

Abstract: Abstract The supply of art deviates in several respects from the ideal of a well-functioning market. Deficits continually increase. On the demand side, problems are caused by merit goods, external benefits in production and consumption, and public goods. People value the options, existence, bequest, education, and prestige connected to the arts. These failures seem to speak in favour of government stepping in. However, government intervention is also liable to failure. Decisions taken in the political process may deviate systematically from the preferences of the population. Nonetheless, citizens are quite willing to support the arts with substantial funds if asked to in popular initiatives and referenda.

Keywords: Well-functioning market; Market failure; Declining cost; Productivity lag; Income distribution; Merit goods; External benefits; External cost; Public goods; Non-use values; Existence value; Bequest value; Education value; Prestige value; Government intervention; Government support; Art expenditures; Tax expenditures; Donations; Preferences; Constitution; Democracy; Popular initiatives; Popular referenda (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-3-030-15748-7_15

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DOI: 10.1007/978-3-030-15748-7_15

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