Learning objectives

The course will provide the basic knowledge to understand the functioning of an economic system, analysing in particular the size and role of the art sector with its artistic-cultural goods. Lectures will be partly theoretical and partly empirical, addressed both from the demand side and from the supply side. They will be introduced by an analysis of the historical evolution of economic thought - and of the relative schools of thought – concerning the topic. The age-old dilemma between state and market in promoting these goods will be emphasized. The role of economic policies in supporting the sector will be explored, when market failures occurred or when art is to be promoted, beyond its strictly economic impact. The student at the end of the course will be able to evaluate how the art sector is connected to the rest of the economy, its degree of contribution to economic wealth and employment, the factors that determine the price of artistic-cultural goods and the dilemmas that economically they pose to the market, making public intervention useful, if not necessary, in supporting the sector.

Prerequisites and basic notions

No prerequisites in economics, history, or mathematics are required, except for elementary knowledge studied in middle or first-year high schools. Verbal language, with an historical approace, will be given preference by far.

Program

Economics of art does not exist as a separate scientific discipline from economics, as in similar fashion, it does not exist automobile economics or furniture economics. However the artistic and cultural goods possess nonstandard features as compare to traditional goods. A wood paint or a bronze sculpture - also from economic point of view - are different from a piece of furniture or a metal lathe. Economics of art (or economics of culture, as it is best known in English) uses the tools known to economics that best fit the study of this type of goods. The course will apply macroeconomic, mesoeconomic, and microeconomic concepts to deal with them.
Programme
1. Introduction: the art of economics and the economics of art
2. Artistic goods in the history of economic thought
3. Economic schools from the 15th century to nowadays and their treatment of the art sector
4. The concept of wealth and non-market values
5. The weight of art in national accounting and the characteristics of artistic goods
6. Performing arts: the demand and supply curve
7. Fine arts: the demand and supply curve and the role of auctions
8. Consumption: the link between art and income, and the role of economic policies
9. Savings: the link between art and safe-haven assets, and the role of financial markets
10. Art in digital form: Nfts

Textbooks:
Nardi Spiller C., Incontro con l’economia dell’arte, Torino, G. Giappichelli, 2005.
Candela G. e Scorcu A., Economia delle arti, Bologna, Zanichelli, 2004.

Bibliography

Didactic methods

In addition to the traditional lectures, we will try to involve the attending student, in deepening and discussing a topic of his choice, among those offered by the teacher during the course. Besides lecture notes, weekly tests will be available through the course website to verify the degree of learning.

Learning assessment procedures

Written exam in a quiz format, and optional oral examination. Additional bonuses are given to those involved with a discussion topic during the course, and with active participation during the class.

Evaluation criteria

The tests tend to verify reasoning more than mnemonic knowledge. The degree of understanding and the degree of applied use of what has been learned will be assessed.

Criteria for the composition of the final grade

Written exam: Multiple choice test, without penalties for wrong answers, but with a minimum threshold level of correct answers to pass the exam. Oral exam can improve the written mark (if sufficient). Bonuses for a project work or active class participation add further points to the obtained grade of the exam.

Exam language

italiano