Abstract
Art is a philosophical, psychological and creative activity of human beings driven by invisible forces like imagination, aesthetics, emotion, and intellectual inquiry, whereas economics deals with value creation, exchange, production, consumption, and market behaviour. This paper studies the relationship between economics and philosophy within the framework of the art ecosystem and explains that these two disciplines are increasingly in synchrony in the art market, whereas these two disciplines remain separate in art studios. The research paper adopts a descriptive methodology to explain the facts based on secondary data collected from published and unpublished documents. The study identifies that the artworks possess dual identities once they enter the art market: they are the means of philosophical expression and economic commodities. The economic price of paintings in the art market is governed by mechanisms such as galleries, collectors, auctions, reputation, scarcity, and cultural positioning. On the other hand, the artistic productions in the studio are guided by imagination, personal philosophy, experimentation, and intellectual freedom, rather than market pressures. Thus, the paper identifies a relationship between artistic freedom and commercial happenings. The paper concludes that neither market dependence in artistic production nor economic factors ensures artistic production. The study concludes that economics and philosophy should not be viewed as opposing forces in the art market. In fact, their coexistence creates economic ability which supports artistic practice, whereas the philosophical identity preserves creative originality. The paper recommends integrating economic literacy into art education and encouraging policies that strengthen independent artistic spaces.
Economic Rationality and Philosophical Thought
References
1. Baumol, W. J., & Bowen, W. G. (1966). Performing Arts: The Economic Dilemma. Twentieth Century Fund. 2. Bourdieu, P. (1993). The Field of Cultural Production. Columbia University Press. 3. Danto, A. (1981). The Transfiguration of the Commonplace. Harvard University Press. 4. Kant, I. (2007). Critique of Judgment (Original work published 1790). 5. Throsby, D. (2001). Economics and Culture. Cambridge University Press. 6. Velthuis, O. (2005). Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art. Princeton University Press.
Author information
Dr. Datta Kamakar
Associate Professor, Department of Economics, Shri Hurakadli Aija Shikashana Samiti’s, Smt. K.S. Jigalur Arts & Dr.S.M. Sheshgiri Commerce, College for Women, Dharwad.