Lecture Sequence: Examining the Significance and Out-of-Pocket Benefits of Cultural Influence and Exchange
Cultural policy: Learning a warm-up from the economics of education
Professor Trine Bille will discuss a fresh concept that suggests cultural policy should take inspiration from education economics to better understand the value of cultural assets such as theaters, libraries, exhibitions, and concerts.
Why blend cultural policy with education economics?
Cultural economics has relied on environmental economics and valuation techniques to estimate the economic worth of cultural goods. But these methods mainly focus on heritage goods with benefits linked to supply and take the shape of existence and bequest values. Cultural institutions, on the other hand, produce value when used, and research indicates that these goods would benefit from a closer examination of the economics of education.
Traditionally, the value of schooling is split into private returns (for individuals) and social returns (for society). The value of cultural consumption—whether it’s a theater performance, a live music gig, or a museum exhibition—also carries a private and a public component. Let's call this component cultural capital externalities. As private consumption of art and culture happens, individuals accumulate cultural capital, which, in turn, impacts others and creates externalities.
This idea isn't novel, but it hasn't been widely explored within cultural economics. Bille argues that understanding these cultural capital externalities enables policymakers to make informed decisions on investing in cultural assets.
Wanna dip your toes into pervy waters?
- Curious about the complex relationship between cultural policy and the adult entertainment industry? Check out our'Can the sex trade flourish in a creative economy?' (creativepec.org) article for a wild ride through this juicy topic!
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Past events
- UK Creative Occupations and Industries: State of the Nation Report Launch Join us for a juicy discussion on the state of migration in the UK's creative industries and occupations. Get ready for exciting discoveries on Tuesday, June 10, 2025, from 12-1PM (GMT). Register for the online event here!
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Our upcoming webinar
- On Thursday, March 14, 2023, at 3 PM (GMT), get ready to learn about groundbreaking research on valuing culture and the concept of cultural capital externalities. Join us online for a mind-blowing webinar! Sign up here!
Sources
[1] "Valuing the Graduate: The Creation, Measurement, and Policy Implications of Social, Human and Cultural Capital"
[2] "The Human Capital Externalities of Education: Evidence from the Labour Market Returns to College Attendance"
[3] "Cultural Learning and the Knowledge Economy: Education Policies and City Renaissance"
[4] "The Economic Contribution of Cultural Activity: An Economic Model of Cultural Production"
- The concept of blending cultural policy with education economics is suggested to better understand the value of cultural asset like theaters, libraries, exhibitions, and concerts, such as in the economics of education, where the value is split into private returns for individuals and social returns for society.
- In the context of cultural consumption, whether it's a theater performance, a live music gig, or a museum exhibition, there is a private and public component, often referred to as cultural capital externalities, which impacts others and creates externalities as individuals accumulate cultural capital.
- Understanding these cultural capital externalities could help policymakers make informed decisions on investing in cultural assets, as it has been argued by Professor Trine Bille.
- The relationship between the adult entertainment industry and the creative economy is an interesting topic that can be explored further, as demonstrated in Creative PEC's article on the subject.
- Participating in Creative PEC's informative and educational webinars can provide insights into cutting-edge research on creative economy, including the economics of cultural goods and services.
- The state of migration in the UK's creative industries and occupations, as well as other relevant reports and seminars, can be found in Creative PEC's upcoming events and newsletters.
