The Arts, Economics and Valuation

Abstract

All the terms central to this book, “the arts”, “culture”, “value” and even “economics” (or at least its scope) are contentious. This chapter outlines the current state of the definition of these terms and their relationships in cultural economics. It is argued that, in addition to the more usual quantitative valuation techniques, which are the focus of this book, a complete measure of value for arts and culture also requires a more qualitative social valuation, probably not based on neoclassical utility theory.