A survey of progress in cultural economics since its virtual birth in 1966 with the publication of Baumol and Bowen, Performing Arts: The Economic Dilemma, distinguishing between "theoretical progress" and "empirical progress". Following in the footsteps of Towse's recent anthology of classic...

When the Classical economists asserted the "impossibility of general overproduction," or what we now call Say's Law of Markets, they had in mind not periodic crises or business cycles but secular stagnation. Could the capitalist system absorb the constant increases in output without breakdown...