Chapter 7 – Culture for the Price of Admission
The author begins by explaining what one typically receives in return for an exchange. For example, money for a car is a clear exchange of economic currency for a good. However, when it comes to cultural norms such as orchestras, one cannot guarantee that the price that they pay for a ticket will guarantee them the satisfaction of good music. Rather, this is a risky bet when looking at it from an economic perspective. The author then shifts his tone by explaining that not everything can be valuated through the lens of economics, but some cultural aspects need bypass economical logic. For example, much money is gifted to orchestras so their music can be played and enjoyed; if this did not happen, many would not pay the price of admission and that would lead the extinction of an important aspect of American culture. In sum, the author concludes that in order to preserve culture, we must pay more than we should economically speaking, and hence pay the “Price of Admission.”
When Brandon and I discussed the issue at hand, we thought of the issue in a different light. Just like all of the businesses that have shifted from tastier foods to healthier foods to adapt to millennials, maybe the music industry is no different. As young culture is adapting, so should its surroundings. We believe that if it is no longer economically viable to have orchestras, maybe they should fane from existence. Gift money is a temporary solution that will soon fade. This is not a solution that can keep orchestras in existence forever, but rather a short-term solution to a deeply rooted issue. We as a society have a responsibility to shift our norms to appeal to the next generation, whether we like it or not.
I agree that sometimes logic can't explain everything and emotion is needed.
ReplyDeleteIt would be interesting if economists studied the longterm effects and value of cultural exchanges like the orchestra or symphony to quantify their societal impact.
ReplyDeleteI agree with Micah, but I think it would also be interesting to see how the value of exchange changed over past generations as a reflection of culture
ReplyDeleteVery true how businesses and industries are shifting. It will be interesting to see how, throughout our changing culture, the idea of value exchange has changed. This also reminds how generations and cultural norms can create businesses such as E-Sports where recently there were more viewers than the world series, NBA finals, or even the Super Bowl.
ReplyDeleteI think that this passage shows the importance of keep up with trends and adapting to new ways so that you're not left in the cold.
ReplyDeleteCulture is always changing, and while it is important to keep up with the times, we should never forget the work, effort, and different cultural tastes it took to get us to where we are today.
ReplyDeleteI also really like what you said about "price of admission." I know "utility" is a much talked about economic concept, but there is no way to accurately quantify the satisfaction someone gets from paying for something like a music performance. Maybe after the fact one can wonder the binary: worth it or not worth it. But absorbing culture is worth more than just hoarding money.
I don't agree with the sentiment that gift money is not a viable approach, Colleges rely a lot on donations. Gift giving becomes a permanent part of the business model. It may seem shaky to rely on donations as a way to function, but it works very well for some institutions.
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