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production function

THE PRINCESS OF ASTURIAS FOUNDATION OR HOW A NON-PROFIT INSTITUTION CAN BE EFFICIENT

By Víctor Fernández-Blanco and Ana Rodríguez-Álvarez

Competition and the internal logic of markets induce cultural firms and institutions to be efficient when market oriented. But, what happens in the case of non-profit organizations? They are beyond the market and their internal logic does not guarantee economic efficiency. In our article we explore the technical and allocative efficiency of The Princess of Asturias Foundation and confirm its good performance over the years.

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MUSIC AND THE MUSIC INDUSTRY: A SAD-ONOMICS APPROACH

Samuel Cameron

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The economic analysis of music is at a crossroad. Digital innovations undermine the concepts of production deeply embedded in economics textbooks. Do we need a new production function? Can this be the SAD (serendipity, authenticity and drugs) production function extended to allow for the creation of value in the consumers’ subjective perceptions?

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