A New Economic Theory of Public Support for the Arts

This book explores the necessity of public support for the arts within a capitalist framework, applying a Veblenian perspective to analyze economic rationales and examining examples from the U.S. and Australia.

A New Economic Theory of Public Support for the Arts delves into the critical questions surrounding the role of public funding in the arts. It asks whether the arts should receive government support, how they can thrive within a modern capitalist framework, and whether economic theory can provide insights into the justification for public intervention. Through this exploration, the book examines the various ways that government and public resources are allocated to support artistic endeavors.

The author employs a Veblenian perspective to investigate the dynamics of public support for the arts, aiming to uncover the economic rationales behind such funding. The book is structured into three distinct sections. The first section offers foundational insights by surveying the state of public support for the arts in the United States and Australia, setting the stage for a deeper analysis. The second part provides a neoclassical overview, presenting traditional economic theories related to public arts funding. Finally, the third section articulates Veblen’s concepts of economic development, linking them to the broader discourse on arts funding.

This work is particularly relevant for researchers interested in cultural and institutional economics, as well as those studying political economy. By addressing the intersection of economics and the arts, the book contributes to a nuanced understanding of how public support can be rationalized and sustained in a capitalist society.