Sunday, January 29, 2012

Musical Culture & Asymmetry of Information in Free Market Systems: Protective Intervention on Behalf of Minority Arts, by Payman Akhlaghi (2004, UCLA)

Charles Dutoit Conducting
LA Philharmonic
Free Market Systems
A Case for Protective Intervention on Behalf of Minority Arts

Author: Payman Akhlaghi (2004)

Graduate Paper Toward Degree of PhD in Composition
(English, 20 Pages, 2004, UCLA)
Advisor: Prof. Robert Fink

(*) Please note that this version consists of the content of the paper at the time of submision. Hence, this version does not reflect the advising professor’s final valuable comments and valid criticisms. – P.A., 2012

"Is the market always right? Should the fate of culture in general, and music in ‎particular, be fully entrusted to the unchecked trends and decisions of a free market ‎system? Are sales ratings reliable indicators of the real value of musical artifacts or the ‎underlying cultural orientation of the society? Would the preferences of today’s ‎audiences amongst modern sonorities ‎ still be the same, had they been informed ‎differently?‎ [...] The present paper tries to offer a perspective on such issues, by relying primarily ‎on the notion of imperfect or ‘asymmetrical’ information in [free]-market systems, a ‎concept that was first developed in the 1960’s and 70’s America, and which eventually ‎garnered its three pioneers, Joseph E. Stiglitz, George A. Akerlof and A. Michael Spence, ‎the 2001 Nobel prize in economics. By referring to this notion, the author will attempt to ‎explain how it is that the artist in a free-market society, which is an ostensibly ideal ‎environment for the flourishing of his or her creative potential, can still maintain the need ‎for some level of intervention, preferably by democratically elected, qualified institutions, ‎rather than the private sector, in order to preserve the integrity of the collective or ‎individual artistic output, as well as the artistic experience of the audiences. My line of ‎thought recognizes Theodor Adorno’s major contribution, Culture Industry Reconsidered ‎‎(Adorno, 1963), [...]" Please click here to read the full paper.

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