The Artists' Labour Market
The labour market for artists is characterized by four things in particular:
- There is an extremely unequal income distribution within the market segment. A very small group of people earn a high proportion of the total income.
- There is a structural excess supply of labour. There are always more people who like to earn their income as an artist than there is demand for them.
- There are intangible returns to labour, so that people accept lower wages than their qualifications would earn in a different market.
- Non-separation of artist and work. The image their product gives them, is important to artists.
Read more about this topic: Economics Of The Arts And Literature
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