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CCTP-634-01 Cultural Economics and Policy
Spring only
Cultural goods and services are now calculated to comprise anywhere from 7 to 10 percent of the GNP and employment in most countries. The gross world output of cultural industries – alternatively labeled entertainment, copyright, creative industries – is calculated to be above $1.5 trillion. In the United States, it is also the biggest export industry.
The overriding theme in the class is the valuation of cultural goods and services and the interplay of markets and socio-political factors in such valuations at various institutional levels (local/city, nation-state, international). The theme is further sub-divided and emphasized in three respects. The first part assesses market-based versus sociological and symbolic systems of valuation underlying cultural goods and services, the difficulty of disaggregating cultural preferences, and the arguments often made for treating cultural goods as public goods. The second part of the course examines the property rights and production systems or industrial organization underlying particular cultural or creative industries such as broadcasting, film, music, museums, and performing arts. The third part of the course deals with policy measures, especially at the international and national levels, to arbitrate the conflicts between market production and cultural significance.
Apart from class participation and presentations, student will write three 8-10 page papers. The first paper will evaluate the value of a cultural good or service deploying one of the several mechanisms available, including markets, contingent valuation, or institutional valuations. The second paper will analyze an aspect of a cultural industry and the third will discuss a cultural policy.
Credits: 3
Prerequisites: None
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