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The Economics of Cultural Heritage: The Case of Museums

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  • Adela Coman

    (Faculty of Business and Administration, University of Bucharest, Romania)

Abstract

In this paper we discuss museums as cultural institutions, as important part of cultural heritage and creators of cultural capital. Museums are also credible economic actors: they generate revenue and, in many ways, they behave like a for-profit organization. We discuss the economics of museums in terms of supply, demand, competition on the marketplace and output. Since museums are community focused, they play an important social role acting as a cohesion factor and therefore generate social value. On the other hand, museums educate the public, therefore in a broad sense, they have a public mission which is valuable by definition. While monetary gains are measurable and becoming more important, we argue that social cohesion and museums’ commitment to communities should prevail, as museums are creators of cultural capital and individual and collective meaning. Finally, some related discussions and future directions of research are proposed.

Suggested Citation

  • Adela Coman, 2018. "The Economics of Cultural Heritage: The Case of Museums," Manager Journal, Faculty of Business and Administration, University of Bucharest, vol. 28(1), pages 63-73, December.
    • Handle: RePEc:but:manage:v:28:y:2018:i:1:p:63-73
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    References listed on IDEAS

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    1. Michael Hutter & Ilde Rizzo (ed.), 1997. "Economic Perspectives on Cultural Heritage," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-25824-6, March.
    2. John Ashworth & Peter Johnson, 1996. "Sources of “value for money” for museum visitors: Some survey evidence," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 20(1), pages 67-83, March.
    3. Throsby,David, 2010. "The Economics of Cultural Policy," Cambridge Books, Cambridge University Press, number 9780521868259.
    4. Peter Johnson & Barry Thomas, 1998. "The Economics of Museums: A Research Perspective," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 22(2), pages 75-85, June.
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    Cited by:

    1. Claudiu Oancea, 2020. "Recycling Romania’s Communist Past as an Entrepreneurial Project. Two Case Studies," Manager Journal, Faculty of Business and Administration, University of Bucharest, vol. 31(1), pages 46-60, December.

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