David Throsby: The economics of cultural policy

2010), David Throsby promises to provide a comprehensive synopsis of all economic contributions to the analysis of cultural policy while extending the discussion beyond the usual questions, inviting non-economists and specialists alike to join the conversation.The book suggests that theoretical and applied economics can broaden the existing study and practice of cultural policy by addressing such questions as: How do we understand and study cultural policy within a rapidly changing environment?What economic arguments can we draw on to support government decision making in matters of art and culture?With respect to rapid changes in the economy such as high-tech innovations and market globalization, we often speak of ''new'', ''knowledge-based'' and ''creative'' economies, arguing that creativity is a precursor of innovation that promotes economic benefits.In such a changing economic climate, policymakers, scholars and business leaders have increasingly seen the potential of the ''new economy'' along with that of arts and culture, in enhancing creativity.Thus, art and culture have become important sources of change in the economy.Shifts in the contemporary economy have subsequently given rise to new questions that invite us to revisit existing discussions within cultural policy research and practice.In this volume, Throsby investigates the important shifts, suggesting that conducting cultural policy today requires a better understanding of the complex interrelation between the economy and culture.The fact that cultural policy has broadened its scope from creative arts to creative/cultural industries, reflecting ''new'' areas, such as a cultural industry, the creative class, and cultural cities, invites us to rethink the arguments: now we need to embed an economic justification in the decision-making process to support one or another cultural policy strategy.