INTRODUCTION TO ECONOMICS OF ART AND CULTURE I

Educational Goals
The Introduction to economics of art and culture course is taught in two modules, to allow students to learn both the general fundamentals of theoretical and regulatory economics and their application to a vast field such as that of cultural production.
In the first module, issues concerning market analysis are taken into consideration; the price of the works of art; the rate of return on investments in works of art, the examination of the production function of specific companies, the balance of profit or non-profit companies. The typical economic themes of cultural heritage are the policies and costs for their dissemination and protection, enhancement and use. The discipline is oriented towards an international vision of culture, social cohesion, sustainable development, the knowledge economy.

The first module will introduce students to the main concepts of theoretical and regulatory (business) economics with particular emphasis on investment and financing, interest and discount issues, and on the issue of returns on artistic and cultural activities
Prerequisites
It is advisable to have attended the mathematics course for art and economics.
Contents
1. Introduction to the discipline. Connection with the basic concepts of the economy: markets and their nature, prices, interest rates, competition; company policy and consumer behavior.
2. Planning in the field of art; influential stakeholders and audiences in the field of art and culture. Types of revenues and costs, investments and financing in the territories of art and culture. The economic value of cultural activities.
3. Foundations and their role at system level. Production decisions.
4. Production decisions. The offer of cultural products and the offer of creative work.
5. Public intervention in the cultural sector.
 

The course will lead the student to interpret the links between economy and culture, with specific reference to the art market and the creativity industry. The student will make his own the general scheme of interpretation of the links between the economic and cultural spheres also thanks to an economic analysis of the sectors of cultural heritage, live art, auctions of works of art, visual art and film, editorial and television sectors.
He will be able to interpret the functioning of the art market, the economic and artistic value of artistic goods and services. The remuneration and selection of the artists, the museum reality and temporary exhibitions and permanent collections.

The course has considerable cultural and conceptual aspects concerning the economics of art and culture, in a framework that is not only national.
The evolution that the sector has received in recent years and the new structuring of Mibac require the knowledge of cognitive and applicative forms of cultural and financial methodologies that the teacher illustrates, offering the bases of interpretation also to those who are lacking in operational knowledge of the sectors involved. Logical-quantitative comprehension skills are required: it may be useful to have already dealt with economy/accounting problems in previous courses.
 

Program / Content
Part one.
Creativity and the economic value of culture.
The management of artistic and cultural productions
Cultural investments, financing, costs and revenues, cash flows, value drivers
Trade off risk of specific activities
The general characteristics of the art market.
The functioning of the art market.
Economic value of artistic goods and services.
Design criteria
Conditions of certainty and uncertainty
The demand and supply of art goods and services.
Artistic work; remuneration and selection of the artists.

Part two
Cultural heritage and museums.
Temporary exhibitions and permanent collections.
Visual art and works of art auctions.
 

Lecture notes by the teacher published on Moodle.
Slides by the teacher published on Moodle.
Readings and applications of texts and cases
Frontal lessons; interventions by external experts; group work coordinated by the teacher

Verification of learning
Written test.
The verification of learning takes place through a written test, which ensures the acquisition of knowledge and skills achieved by the student. The vote is expressed in thirtieths.
The duration of the written test is 2 hours.
During the exam it is not possible to use books, notes or digital or electronic equipment.

Conventional (frontal lessons) with class discussion.
Classroom applications
Collaboration with museum structures and social networks

Teaching language
Italian

Italian

written

This subject deals with topics related to the macro-area "Cities, infrastructure and social capital" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development