ECONOMICS OF ART AND CULTURE: AN AMERICAN PERSPECTIVE

This is the first book to cover not only the economics of the fine arts and performing arts in the United States but also public policy toward the arts at federal, state, and local levels. The book will interest academic readers seeking a core text on the economics of the arts and arts management as well as those seeking a systematic analysis of the arts in America. Theoretical concepts are developed from scratch so that readers with little background in economics can follow the arguments. The authors look at the arts' historical growth and then examine consumption and production, the functioning and financial problems of arts markets, the financial problems of performing arts companies and museums, and the key role of public policy. A final chapter speculates about the future of art and culture in the United States.

Charles M. (Mel) Gray is professor of business economics in the Opus College of Business, University of St Thomas, where he has been teaching economics, strategy and nonprofit management to undergraduate and MBA students for more than 30 years. Previously he was a staff economist at the Federal Reserve Banks of St Louis and Minneapolis and for a Minnesota state agency, and he served as executive director of a community development agency. He has been a visiting or adjunct faculty member at Macalester College and the Universities of Oslo, North Carolina, Minnesota, British Columbia and Rochester. He received his BA in Social Science and Mathematics from Hendrix College and his AM and Ph.D. in Economics from Washington University. His primary research interests are the nonprofit and creative sectors, principally the nonprofit arts. He has authored or edited three books, and his publications include numerous articles and book chapters. He currently serves as editor of Nonprofit Management and Leadership, a leading research journal for the nonprofit sector. He has been a consultant to the US Department of Justice, the National Endowment for the Arts, the District of Columbia, several Minnesota state agencies and numerous companies, nonprofit organizations and trade associations.