"This is the first book to cover not only the economics of the fine arts and performing arts, but also public policy toward the arts at federal, state, and local levels in the United States. The second edition offers greater coverage of the international arts sector. The work will interest academic readers seeking a core text on the economics of the arts and arts management or a supplementary text on the sociology of the arts, as well as general readers seeking a systematic analysis of the arts. Theoretical concepts are developed from scratch so that readers with no background in economics can follow the argument." "The authors look at the arts' historical growth and then examine consumption and production of the live performing arts and the fine arts, the functioning 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."--Jacket.