Earlier quoted context omitted.
> It's always nice seeing countries look to support their artists in building their cultural heritage. But, at the end of the day it's still worth close to nothing, right? I enjoy art and music as much as anyone else but the reason those professions are so poorly paid is because the supply outstrips the demand considerably[1]. What value is there in asking taxpayers to pay for an increase the supply when there's alre…
Art produces huge positive externalities. This is the reason artists are the pioneers of gentrified neighbourhoods. They arrive when rent is low (all they can afford) and their product increases the desirability of the area. The artists themselves capture none of this value and often have to leave when rents go up.
This is a positive externality for landlords and a negative one for tenant. It's a zero-sum game between the two groups.
And rent-seeking is a net negative for society.