Book contents
- Frontmatter
- Contents
- List of figures
- List of boxes
- Acknowledgements
- Foreword
- Introduction
- 1 Why arts matter in management
- 2 The arts into action: Arts-based Initiatives
- 3 The value of Arts-based Initiatives in business
- 4 Arts-based Initiatives and business performance
- 5 Managing Arts-based Initiatives to improve business performance
- A closing remark
- Appendix
- Notes
- References
- Index
3 - The value of Arts-based Initiatives in business
Published online by Cambridge University Press: 05 July 2011
- Frontmatter
- Contents
- List of figures
- List of boxes
- Acknowledgements
- Foreword
- Introduction
- 1 Why arts matter in management
- 2 The arts into action: Arts-based Initiatives
- 3 The value of Arts-based Initiatives in business
- 4 Arts-based Initiatives and business performance
- 5 Managing Arts-based Initiatives to improve business performance
- A closing remark
- Appendix
- Notes
- References
- Index
Summary
Introduction
Understanding of the value of the arts in business is the central issue of the managerial use of Arts-based Initiatives (ABIs). The economic literature and particularly the so-called cultural economic research stream encompasses numerous studies investigating the value of the arts from an economic perspective (Bianchini, 1993; Brooks and Kushner, 2001; Florida, 2004; Myerscough, 1988; Radich, 1992). These studies analyse the reasons and the modalities of the partnership between business and the arts, mainly addressing the relevance of the cultural industry as a driver for wealth creation. They distinguish two main categories of benefits related to the use of the arts in business: direct and indirect economic effects. The direct economic benefits are those generated by arts-based economic activities. In this case, the arts are recognised as the resources of the cultural industry and, as such, they generate employment, income and tax revenue. The indirect economic benefits are associated with the benefits that the arts can create in terms of their capacity to generate a context supporting economic development by attracting and developing talent, creative people and firms (Florida, 2004). In this case, the role of the arts is recognised as a factor generating socio-cultural effects that can benefit economic development dynamics. The application of the economic-based perspective aims to express the value of the arts for business in monetary terms. In particular, the attention is focused on the price that people are willing to pay to acquire or enjoy a work of art.
- Type
- Chapter
- Information
- The Value of Arts for Business , pp. 88 - 161Publisher: Cambridge University PressPrint publication year: 2011