Cultural Sector: Old and new symbolic works, copies and performances

1. Cultural, creative or experience economy? On the relevance of choosing the right definitionMichael HutterSocial Science Research Center BerlinTechnische Universität BerlinNov.29, 2010"Cultural Economics: From Theory to Practice"

2. Experience Economy: +New Sports, Gambling, Gastronomy, Tourism services Creative Economy: +New Media, Games, Services: Fashion, Design, Architecture, Advertising Cultural Sector: Old and new symbolic works, copies and performances

3. What are experience goods made of? • Experience goods are symbolic at core: the interpretation of sounds, words, images and material forms triggers imagination and surprise. • Most experience goods are information goods. Physical presence - in performances or journeys - increases the effect, but is not essential. • The experience economy grows faster than all other sectors in developed industrial countries.

4. Experience goods follow their own laws The Law of unknown creative conditions The Law of collective effects The Law of bundling The Law of asymmetric prices The Law of unknown preferences

5. An economy driven by beauty, fashion and thrill The cultural sector was merit-driven. • The creative economy is production-driven. • The experience economy will be demand-driven.

6. Is there a role for public policy? • Public policy can provide infrastructure and budgets for creators, producers and users. • Public policy can prevent private markets for public goods. • Public policy can support the training of consumption skills. • Public policy can develop property rules adequate to the experience economy.

7. I hope you had a rewarding experience!