ULMS Electronic Module Catalogue
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title CREATIVE SECTOR ECONOMICS
Code ECON362
Coordinator Dr S Phythian-Adams
Economics
S.L.Phythian-Adams@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2023-24 Level 6 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
ECON227 MICROECONOMICS FOR BUSINESS ECONOMICS; ECON221 MICROECONOMICS 1 

Modules for which this module is a pre-requisite:
 

Programme(s) (including Year of Study) to which this module is available on a required basis:
 

Programme(s) (including Year of Study) to which this module is available on an optional basis:
 

Teaching Schedule
  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 24

 6

         30
Timetable (if known)              
Private Study 114
TOTAL HOURS 144

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 2: Unseen Open Book Examination Assessment Type: Written Unseen Examination Size: 1.5 hours Weighting: 25% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL pe  1.5    25       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 3: Essay Assessment Type: Individual Coursework Size: 3000 words Weighting: 50% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymo  0    50       
Assessment 1: Fortnightly Online Tests Assessment Type: Individual Coursework Size: 4 fortnightly online tests Weighting: 25% Reassessment Opportunity: Yes Penalty for Late Submission: Stan  0    25       

Aims

To provide an historical and methodological basis for understanding the economics of Arts & Cultural industries.
To explore the application of economic theory in ‘non-standard’ markets, i.e. markets where neoclassical microeconomic assumptions may not hold .
To microeconomically analyze major creative industries sectors such as fine arts, music, publishing, broadcasting, cinema & arts festivals

Learning Outcomes

(LO1) Students will be able to demonstrate a critical knowledge of the theoretical basis for the economic characteristics of the creative sector and how these are extended beyond their neoclassical assumptions.

(LO2) Students will be able to demonstrate a knowledge of the philosophical bases for methodology and evaluate different methodological approaches within the discipline.

(LO3) Students will be able to demonstrate a knowledge of the size, make-up and critically appraise the economic importance of the creative sector in the UK and internationally.

(LO4) Students will be able to demonstrate skills of independent research, and critically engaging with contemporary literature through coursework.

(LO5) Students will be able to demonstrate skills of construction of persuasive argument in essay form developed through coursework.

(S1) Problem solving skills

(S2) Numeracy

(S3) Commercial awareness

(S4) Organisational skills

(S5) Communication skills

(S6) IT skills

(S7) International awareness

(S8) Lifelong learning skills

Teaching and Learning Strategies

Teaching Method: Seminar
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Teaching method 4: Lecture
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Self-Directed Learning Hours: 114
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the seminar activities and to understand the content of lectures. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module

Non-modular Requirements
ECON221 or ECON227

Skills/Other Attributes Mapping

Skills / attributes: Lifelong learning skills
How this is developed: Some discussion of sourcing of current industry information and statistics. Some address will also be given to ef fective learning strategies for sourcing and efficient, effective reading of academic journal articles.
Mode of assessment (if applicable): Essay

Skills / attributes: International awareness
How this is developed: Cultural statistics and industry information discussed during the course are global.
Mode of assessment (if applicable): Online Tests and Essay

Skills / attributes: IT skills
How this is developed: Coursework, including any accompanying tables and diagrams must be submitted processed and in word or csv format. Some discussion of sourcing of current industry information and statistics.
Mode of assessment (if applicable): Essay

Skills / attributes: Communication skills
How this is developed: Examination and coursework require (in part at least) communication in either essay or technical answer format.
Mode of assessment (if applicable): Essay and Examination

Skills / attributes: Organisational skills
How this is develo ped: Although not a taught element of the course, students will be required to organize their own research requirements for effective essay writing.
Mode of assessment (if applicable): Online Tests, Essay and Examination

Skills / attributes: Commercial awareness
How this is developed: Case study examples are referred to throughout the lecture series. Particularly lectures 10-12 focus on specific industries.
Mode of assessment (if applicable): Online Tests and Essay

Skills / attributes: Numeracy
How this is developed: Some numerical applications of theory where applicable. Also industry statistics and statistical comparisons as well as consideration of some econometric models are used throughout the course.
Mode of assessment (if applicable): Online Tests and Examination

Skills / attributes: Problem solving skills
How this is developed: Some numerical applications of theory where applicable. Some numerical or theoretical problems may be set d uring tutorial seminars and in the final exam.
Mode of assessment (if applicable): Online Tests and Examination

Syllabus
 

Introduction, context & statistics:
• An introduction to Arts & Cultural (A&C) Economics (definitions, the UK, European and World A&C sector)
• The ‘Value’ of Culture
• Cultural Industries, Statistics and Economic Impacts

Supply-side Analysis:
• Costs of production and Baumol’s cost disease
• Artist’s labour markets
• Super-star labour markets
• Intellectual Property (IP)

Demand-side Analysis:
• Demand for creative (Arts & Cultural) products
• CV/EV & Contingent valuation (demand ‘value’)
• Taste formation (inter-temporal consumption utility)
• Principal-agent analysis

Public Policy:
• Welfare Economics
• Applied Welfare Economics (Contingent Valuation)
• Public Choice
• Public Sector Support

Focus on Individual markets:
• Fine Arts Markets (Auctions, Museums & Galleries, Prices)
• Movies
• Broadcasting (TV & Radio)
• Music Business
• Publishing
• Festivals

Recommended Texts
Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.