search query: @author Peacock, A. / total: 9
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| Author: | Peacock, A. |
| Title: | Welfare economics and public subsidies to the arts |
| Journal: | Journal of Cultural Economics
1994 : VOL. 18:2, p. 151-161 |
| Index terms: | WELFARE ECONOMICS ARTS |
| Language: | eng |
| Abstract: | Subsidizing the Arts involves the same kind of issues as subsidizing particular industries or services in the economy, however distasteful this may seem to those who are conditioned to think in terms of a moral hierarchy in the ordering of consumption expenditure. In this analysis, attention is confined to two arguments for subsidization which are derived from the existence of "market failure", i.e. the recognition that the strict Paretian assumptions of divisibility of goods and absence of externalities of production and consumption are not met with in practical life. |
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