Art and Economics: final exam - Assignment Example

This is because when products of art are purchased, even though the products are not consumed physically as in the consumption of products like food, the art products are consumed in terms of the admiration given to them. This way, when new art products are seen, the thirst for the old ones fades so that the new ones are bought. An example can be given as someone who purchases a new line of cloth with specific design but with time, sees the emergence of another line of cloth and has to give up on the first one for the latest one.

This way, the first line cloth is said to have been consumed and outlived its importance. 2. (a) Tibor Scitovsky, Juliet Schor, and Herbert Schiller reflect on the structure of the economy and the values of U.S society and it affects people’s appreciation of the arts and their demand for the arts for consumption purposes from a that is built very much around strict societal values and by extension the belief in class and status. In a typical example, it is common knowledge that superstars and celebrates who are into sports and showbiz are generally of high class and very rich.

These people are therefore seen by Schiller (1989) in The Corporate Takeover of Public Expression as people who follow art so much because they have the means to afford even the most expensive art products. (b) This not withstanding art as an industry benefits a lot more people regardless of their status orientation in the United States. This means that other relationships can be added with reference to people who do not belong to the high class also. This is because the arts are in such a way that there are different forms of art for each and every American.

People generally patronize art according to their status. 3. (a) The nature of the challenge has to do with the fact that not every person can afford the so called quality art products. The fact that so called quality art products