Art as a Capital Asset
A framework for thinking about the social role of art is developed. Using economic ideas, art is depicted as a capital asset - something that provides insight to society over some period of time. The idea of thinking about art as an asset enables a concrete distinction between high and low art, as well as the possibility that art can "race to the bottom," with low art displacing high art, with the concomitant deleterious consequences.
Osborne, E. W.
(2013). Art as a Capital Asset. Cultura: International Journal of Philosophy of Culture and Axiology, 10 (2), 23-39.