Cultural and economic value: a critical review

Abstract

In this paper we present the state of the art concerning the distinction between economic and cultural value and the way the two values interact with each other. Our review espouses Klamer’s idea of creating a value-based approach in economics, systematizing the literature on the economic and cultural value of cultural goods. In order to analyze the relationship between the artist’s characteristics and the cultural goods’ values, we also propose a model of how fame and talent affect the economic and cultural value of cultural goods. In particular, the artist’s fame and talent and the cultural good’s price are included in the dynamic formation process of economic and cultural values.