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DOI: 10.15862/42KLSK126 (https://doi.org/10.15862/42KLSK126)

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Nusratullin I.V. [Identifying the drivers of the art economy through the humanistic paradigm] World of Science. Series: Sociology, Philology, Cultural Studies, 2026, Vol. 17, No. 2. Available at: https://sfk-mn.ru/PDF/42KLSK126.pdf (in Russian). DOI: 10.15862/42KLSK126

Identifying the drivers of the art economy through the humanistic paradigm

Nusratullin Ilmir Vilovich
Ufa Federal Research Centre of the Russian Academy of Sciences, Ufa, Russia
Institute of Social and Economic Researches
E -mail: nusratullin.iv@yandex.ru
ORCID: https://orcid.org/0000-0001-7810-2945
RSCI: https://elibrary.ru/author_profile.asp?id=527568
WoS: https://www.webofscience.com/wos/author/rid/B-9365-2015

Abstract. Mainstream economic analysis interprets the art economy through the lens of market prices, Gross Domestic Product contributions, and employment structures, thereby overlooking its essential, non-instrumental driving forces. The aim of this study is to reconceptualize the drivers of the art economy through the conceptual framework of humanistic economics, which focuses on well-being, human development, and social connections. The research is methodologically grounded in conceptual analysis and synthesis of the existing literature on cultural economics, happiness economics, and the capabilities approach, complemented by the use of secondary data to theoretically illustrate the study’s propositions and conclusions. As a result of the research, three key driving forces of the art economy are identified: (1) the creation of cultural meaning and identity as a fundamental human need; (2) art as a generator of ‘relational goods’ and social capital; (3) the role of art in expanding human capabilities and enhancing subjective well-being. These forces, although difficult to measure in monetary terms, constitute the primary drivers of demand, supply, and resilience within the art economy. The article offers a new theoretical foundation for policymakers, cultural institution managers, and researchers, enabling the assessment and support of the art sector not only by economic but also by humanistic criteria. The principal theoretical contribution lies in a paradigm shift: from treating cultural value as an externality or a «market failure» to understanding it as an intrinsic, essential core of economic interactions in the sphere of art.

Keywords: art economics; humanistic economics; cultural value; relational goods; cultural capital

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