The Economics of Creativity

Creative work has been celebrated as the highest form of achievement since at least Aristotle. But our understanding of the dynamics and market for creative work--artistic work in particular--often relies on unexamined clichés about individual genius, industrial engineering of talent, and the fickleness of fashion. Pierre-Michel Menger approaches the subject with new rigor, drawing on sociology, economics, and philosophy to build on the central insight that, unlike the work most of us do most of the time, creative work is governed by uncertainty. Without uncertainty, neither self-realization nor creative innovation is possible. And without techniques for managing uncertainty, neither careers nor profitable ventures would surface.

In the absence of clear paths to success, an oversupply of artists and artworks generates boundless differentiation and competition. How can artists, customers, entrepreneurs, and critics judge merit? Menger disputes the notion that artistic success depends solely on good connections or influential managers and patrons. Talent matters. But the disparity between superstardom and obscurity may hinge initially on minor gaps in intrinsic ability. The benefits of early promise in competition and the tendency of elite professionals to team up with one another amplify and disproportionately reward even small differences.

Menger applies his temporal and causal analysis of behavior under uncertainty to the careers and oeuvres of Beethoven and Rodin. The result is a thought-provoking book that brings clarity to our understanding of a world widely seen as either irrational or so free of standards that only power and manipulation count.

“A skilled researcher and profound theoretician, Menger identifies the key social processes underlying the problematic notion of 'e~creativity.'e(tm) This book is a penetrating synthesis of economic theory and sociology of the arts, that opens up new research territory for years to come.”

Menger draws together and extends his influential work in this field with a particular focus on exploring the ramifications of uncertainty as it influences the decision-making of producers, gatekeepers, creative workers and consumers. Uncertainty, he argues, is the fuel for creative labor, innovation and competition in artistic worlds. It provides the environment for a sorting of talents in a market where there is an oversupply of hopeful entrants and large variations in career outcomes… There is no mistaking the depth and originality of this major contribution to both the economics and sociology of the arts. -- David Throsby Times Literary Supplement
A skilled researcher and profound theoretician, Menger identifies the key social processes underlying the problematic notion of ‘creativity.’ This book is a penetrating synthesis of economic theory and sociology of the arts, that opens up new research territory for years to come. -- Howard Becker, author of Art Worlds
The Economics of Creativity is exceptionally researched and among the best books on the subject of artists and their labor markets. -- Jens Beckert, Max Planck Institute for the Study of Societies

Pierre-Michel Menger is Professor of Sociology at the Collège de France and the École des Hautes Études en Sciences Sociales, Paris.

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