There is a second way in which the arts and economics go together namely in the sense of applying economic thinking to the arts over the last decades this scholarly endeavor has been established under the name of the economics of art or cultural economics. The economics of cultural policy cultural policy is changing traditionally cultural policies have been concerned with providing financial support for the arts for cultural heri tage and for institutions such as museums and galleries in recent years around the world interest has grown in the creative industries as a source. Part 3 discusses how the arts can be supported by the public whether the arts may be left to direct democratic decisions and how artistic creativity is affected by government support the final part inquires art is a financially lucrative investment how the value of cultural property can be evaluated and what can and should be done about fakes. Using the economic perspective this exciting text offers an alternative view to sociological or art historic approaches to art the issues discussed include institutions from festivals to superstar museums different means of supporting the arts an investigation into art as an investment and the various approaches applied when valuing our cultural properties. Using the economic point of view for an analysis of phenomena related to artistic activities arts economics not only challenges widely held popular views but also offers an alternative perspective to sociological or art historic approaches
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