Art Market and Cultural Management

In proportion as a community comes to substitute a qualitative for a quantitative standard of living, it escapes the limitations imposed by matter upon man. Art knows no restrictions of space or size, and in proportion as we attain the art of living we shall be likewise free.

Economists' usual list begins with distribution of income. There is no reason to believe that the distribution of income that emerges out of market processes is desirable or acceptable. Unbridled market forces without any role of government might lead to a large number of people living under subsistence. This is an area for government to do something. We know that unbridled economic forces can lead to big booms and big recessions. We need to do something about that. We know that a market can lead to pollution -- and there's an important role for government there. We know that there will be under-investment in public goods. As we think about the innovation economy, we should remember that most of the innovation in the private sector is based on research financed by the government, such as its role in developing the Internet.

A company will get nowhere if all of the thinking is left to management.