Culture has been a relatively understudied subject within economics. Economists who have studied it often conceive culture as a form of capital, treating it as a set of tools or a resource that certain groups possess and other groups do not. Austrian economics, in contrast, is a science of human...

There is an ongoing debate on whether cultural goods like movies and music albums should be protected from foreign competitors. An implicit assumption under the argument for protection is that consumers easily substitute cultural elements for other product characteristics. In this paper we...