Economics is often used in literary studies, but rarely free market economics. Austrian economics, with its emphasis on subjective value (Menger), human action (Mises), spontaneous order and knowledge (Hayek), and entrepreneurship (Kirzner), seems a particularly fruitful source of ideas for literary studies.
Friday, May 3, 2013
Arts Funding Debate at The Economist
The Economist is hosting a debate on Arts Funding. It begins with Alan Davey discussing how Keynes set up Britain's art council and arguing that, apparently, there was no art funding at all prior that, and that therefore there was no art being produced to speak of (how else is one to interpret phrases such as "Britain after the second world war didn't have much by way of arts provision" or defining Keynes' goal as being "essentially an attempt to address market failure"?) Mr. Davey is apparently unaware of the appearance of the distinctly anti-establishment Modernist movement that arose at the time and the fact that the artists without any public support were in fact the most productive and most creative of all the artists working.
Pete Spence takes up the other argument, pointing out that government spending on art tends to crowd out competitive funding, support safe (conservative in the worst sense) art, and undermine market signals that drive artistic innovation and creativity. In the end, "No elite panel of experts should decide what art is best for us. We should decide what is best for ourselves. The dead hand of the state doesn't have much going for it—we should put it to rest and embrace the messy, diverse, vibrant tapestry of commercial funding."
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