Handbook of Cultural Economics, Third Edition
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Handbook of Cultural Economics, Third Edition

Edited by Ruth Towse and Trilce Navarrete Hernández

Cultural economics has become well established as a subject of interest for students and teachers of courses ranging from economics to arts administration as well as for policy-makers and practitioners in the creative industries. Digitisation has had a tremendous impact on many areas of the creative economy and the third edition of this popular book fully reflects it.
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Chapter 27: Economic impact of the arts

Bruce A. Seaman

Abstract

Conceptualizing how to define and measure the economic impacts of the arts is part of a larger debate regarding intrinsic versus instrumental impacts that extends into other sectors of the economy. This broader context is addressed, identifying three different types of economic impact, together with very specific methodological errors to avoid in order to generate defensible results for the very prevalent short-term spending impacts. Different impact methodologies and their inter-relationships are identified, and the debate regarding ex ante versus econometric ex post methodologies is addressed in detail, with elaborations of specific examples in sports versus the arts. The distinction between incremental regional impact analysis and other approaches, such as census-based national income accounting (satellite accounts), is identified, together with short-cut methods such as online economic impact calculators.

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