CULTURAL ECONOMICS AND POLICY

The course aims to provide analytical and methodological approaches for studying the cultural
sector. To this end, it focuses on the behavior of the three main economic agents: individuals,
firms, and the government (at both local and national levels).
From the consumption perspective, we analyze cultural consumer behavior in terms of resource
allocation (money and time), highlighting the limitations of the neoclassical economic approach.
On the production side, we examine the unique characteristics of the cultural and creative sectors,
as well as cultural employment and the labor market.
The role of government is explored through an analysis of public policy, including the motivations
for intervention and the financial instruments used in the cultural sector. Finally, we discuss the
economic value of culture and valuation methods, considering both its implications for welfare
and its contribution to urban and regional economic growth.

On successful completion of this course, students should be able to:
- Understand the analytical peculiarities of culture as an object of economic analysis
- Analyse the economic behaviour of cultural consumers and cultural institutions highlighting the limitations of the neoclassical economic approach
- Understand the arguments for the public support of art and culture, and the mechanisms of public and private funding for culture
- Discuss the role of culture from the economic growth and welfare perspective
- Be able to understand valuation tools such as economic impact analysis, cost-benefit analysis and non-market valuation techniques

There are no formal prerequisite courses. However, it is strongly recommended to have prior knowledge of statistical methods for economics, which are covered in the “Data Analysis and Data visualization” course.

Definition and measurement of the cultural sector
- The role of copyright and intellectual property rights for the creative industries
- Demand and supply of cultural goods
- Welfare economics: Public goods and externalities.
- Financing the arts, public subsidies and private support
- Economic impact analysis and the role of culture in urban and regional development
- Non-market valuation techniques

Slides and a selection of scientific paper available on Moodle

The exam is a written test lasting around one hour and containing both open and closed-ended questions

written

18-20: Sufficient – minimum required knowledge
21-23: Fair – acceptable preparation with some gaps
24-26: Good – solid skills, with some inaccuracies
27-29: Very good – in-depth knowledge, well presented
30-30 with honors: Highest recognition – superior knowledge and original elaboration

Lectures with in-class discussions, official document analysis, individual readings

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