Cultural economics began as an application of economic tools in research of the world of the arts. Some cultural economists have drawn the conclusion that the standard economic approach needs fundamental adjustments in order to account for phenomena in the world of the arts. New concepts emerged such as “cultural capital” and “common goods,” and old concepts such as “culture,”, “value,”, and “valorization” are being revived to shape a new cultural economic perspective.
I. The Cultural Turn 7
II. The Issue of Values and Goods 9
III. The Realization of Values 13
IV. Spheres of Valuation: the Market and the State Sphere First 15
V. Two Additional Spheres of Valuation: First the Oikos 17
VI. Most Importantly of All: Society 21
VII. The Third Sector 24
VII. Conclusion 24
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