Economic – Book Report/Review Example

[Insti Summary and Reflection These research papers dealt with the socio-economic aspects of art through various analysis paradigms. First, paper discusses and draws a relation between artist’s age and the value of their work. The paper found out that after the second decade of the 20th century, American artists did their best in their earlier age in contrast to Latin American artists who performed their best at their older age. The drive behind this discrepancy was the amount of return of the art, which motivated young artists for innovation in their art at young age. Hedonic price indexes helped assessment of art as an investment. The paper also suggested that Latin American arts have a low degree of correlation of returns on arts. Thus, adding Latin American art shall decrease the overall threat of global portfolio (Edwards).
The second paper different aspects of arts its political inferences, regional effects, technological aspects, economic perspectives and religio-spiritual as well as ethnical background and influences on art. The paper also discusses the progress and development of art through ages. The issues of gender in art or from the eyes of art also depicted. Art is affected and also affects the society in different ways. It changes with the political and economic situation of the society. Art is a way of expression of ideas, and these ideas are absorbed from the prevailing socio-cultural and economic, technological advancement, and religious and ethical background. These ideas are then transformed into an art. However, innovation and imagination is also an important part of art manifestation. However, censorship and control have also played its part in art depiction in the modern world (Gurley).
Works cited
Edwards, Sebastian. “The Economics of Latin American Art: Creativity Patterns and Rates of Return.” 2004. Web. 3 February 2015. National Bureau of Economic Research. .
Gurley, Gregory, ed. Art and Human values. San Diego: Cognella Inc., 2013. Print.