CULTURAL ECONOMICS II

The aim of the course ARTS ECONOMICS (12 CFU) is to introduce fundamental concepts, issues, analytical tools and recent trends of economics applied to the cultural sector, including the arts (visual arts, performing arts etc.), cultural heritage and creative industries (music industry, movie industry etc.). The course will show the relationship between the cultural domains and the economic system, and how the economic theory can be used to understand and analyze economic problems in the cultural sector. To this end, the course will present the fundamentals of microeconomics and public sector economics.

The course consists of two modules, ARTS ECONOMICS I (6 credits) and ARTS ECONOMICS II (6 credits).

In particular, the second module ARTS ECONOMICS II focuses on the fundamental problems underlying the Public Economics, the public interventions and private support in the cultural sector, the role of culture in the urban and regional development, the relationship between cultural development, cultural capital and economic growth. Another topic discussed is the artists' labour market.

On successful completion of this course, students should be able to:

- Understand, apply and deal with fundamental concepts, issues and recent trends of economics applied to the arts, culture and creative industries.

- Develop and adapt an economic reasoning related to the cultural sector in both for-profit and nonprofit settings.

- Know the general basics of microeconomic theory and be able to apply them to different aspects of artistic and cultural production and consumption.

- Explain the main models that make the economics of culture a distinctive discipline, highlighting the limitations of the neoclassical economic approach

- Understand the arguments for the public support of art and culture, and the mechanisms of public funding for culture

- Discuss the role of culture from the economic growth and welfare perspective

There are no compulsory propaedeutic courses.

- The artists’ labour market

- 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

- Cultural economics and cultural policy

Borowiecki, Gray and Heilbrun " The economics of art and culture" Cambridge University Press (third edition): Chapter 12, 13, 14, 15.
Slides available on Moodle.
Other course material will be communicated throughout the course, in class and on Moodle, where they will be made available.

Written test lasting around one and a half hours containing both open and closed-ended questions. One single test for both modules

written

The written exam will be assessed based on both the accuracy of multiple-choice answers and the quality of open-ended responses, according to the following criteria:

30 cum laude: All multiple-choice answers are correct; open-ended responses are complete, precise, well-articulated, and demonstrate rigorous argumentation.
28–30: High percentage of correct multiple-choice answers; open-ended responses are well-structured and content-rich.
25–27: Open-ended responses are correct but less detailed or contain minor inaccuracies.
21–24: Open-ended responses are present but show gaps, errors, or unclear expression.
18–20: Open-ended responses are very brief or partial, with fragmented expression.
Below 18: High percentage of incorrect multiple-choice answers; open-ended responses are missing, off-topic, or incorrect.

Lectures with in-class discussions, real case studies, individual readings, voluntary presentation of papers and case studies.