The Economic Value of Culture

This book provides a technical and critical examination of the cultural system within a shifting social and economic landscape. From the late-industrial era to the uncertain framework of today, where values, priorities, and the role of the arts are undergoing profound transformations, this book addresses the evolving dynamics of culture and economy. The traditional debate in cultural economics oscillates between two extremes: a "specialist" view, which isolates the arts as the domain of experts, and an "ordinary" view, which reduces them to mere commodities subject to market forces. Both perspectives fail to capture the true essence of the arts and their complex cultural value. Historically, the arts derived their cultural value from their semantic, symbolic, and aesthetic resonance. However, with the advent of industrialization, their role was often reduced to serving the bourgeoisie’s quest for legitimacy and status. As the societal structures and value hierarchies of that era dissolve, contemporary society—with its cosmopolitan, conflict-laden, and rapidly changing challenges—requires a fresh understanding of cultural value. It no longer centers on conventional notions of beauty or exclusivity but instead prioritizes inclusivity, relevance, accessibility and sustainability. This book explores the arts' ability to create a dynamic cultural value chain in this emerging society. In such a framework, the arts are a stock of unique assets, and the cultural value chain is the flow of benefits generated by the critical dialogue between supply and demand. By critically analyzing conventional economic interpretations that simplify and overlook the complexities of cultural value, the book delves into the cultural system as a network of relationships, interactions, and synergies. It offers insights into how the cultural value chain is generated and its enduring impact on both society and the economy, emphasizing the intricate interplay between culture and contemporary societal values.