Posts tagged with: Law and economics

Blog author: jballor
posted by on Friday, November 2, 2012

Encyclopedia Entry: “Arts”
Tyler Cowen. The Concise Encyclopedia of Economics. 2d ed. Indianapolis: Liberty Fund, 2007.

General economic principles govern the arts. Most important, artists use scarce means to achieve ends—and therefore recognize trade-offs, the defining aspects of economic behavior. Also, many other economic aspects of the arts make the arts similar to the more typical goods and services that economists analyze.