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The text discusses the unique features of artists as business enterprises compared to other firms in the economy. Two key aspects are identified: creativity is an essential input into their production processes, and the primary incentive to innovation for artists is likely to be non-financial. Based on these considerations, a production function for artist businesses is proposed, which jointly produces quantity and quality of output from conventional inputs of labour and capital. The text also notes that artists often seek other income-earning opportunities within the arts, such as teaching private pupils or giving classes in an art school, which require use of artistic skills but lesser degrees of creativity than producing original primary creative work. Therefore, two types of output within the arts are identified: creative artistic output and commercial artistic output, each with its own production function containing inputs such as labour time, working capital, and human capital characteristics including education, training, experience, and artistic creativity or talent.
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