Artists as people who live within a society gain insights into how the tax system can affect spending on the arts. The tax system raises revenues for government and through its various provisions offers incentives for private spending and support of the arts sector. Thus it is important to know economics for good citizenship. Economics provides artists and art professionals important knowledge which can be used to benefit them through personal applications as well. It is important for an art investor to understand the role of inflation.
Artists buy art materials and hire other artisans.
Artists who understand economics are better equiped to make decisions about purchasing supplies. Artists who understand economics become more capable of making sound pricing judgments. Economists derive principles from studying economic phenomena and apply them to various economic problems in order to come up with policy formulations that improve, moderate or regulate the specific economic situation. Math- economists commonly use calculus, statistics, and econometrics. Bias- economists are a product of their society, experience environment and education, it is hard to be totally objective.