Richard Caves

Richard Caves is an influential economist known for his work on the economics of industries, particularly in the context of cultural and creative sectors. He emphasizes how markets for artistic goods differ from traditional markets due to their unique characteristics, like the combination of creativity and commercial viability. Caves introduced concepts such as "experience goods," which require consumers to try them before they can appreciate their value. His insights help understand how industries like film, music, and literature operate economically while highlighting the balance between art and profit in modern society.