Symbolic economy
Can anybody please help me understand the meaning of "symbolic economy"?
Context #1:
Indeed, what Kaye’s work confirms is that, while distinctions can be drawn between the roles played in the marketplace by art and advertising, this is not necessarily to do with the aesthetic parameters and content of the work which, in several notable instances, particularly those cited in Chapters 3 and 6, are seen to correspond readily with one another. In other words, while belonging to different contexts of cultural production, art and advertising in such instances have come to operate with a similar degree of purchase in the symbolic economy of our times (Art and Advertising by Joan Gibbons).
Context #2:
We provisionally define “symbolic economy” as a complex system in which transactions aim at assigning and transferring symbolic values (e.g. values of acts, roles, or even other signs) through a co-emerging semiotic medium (source)
Top answer
"Symbolic economy" seems to be a relatively recent coinage of the art critics. The definition you found seems to fit with Gibbons. I think that by "economy" they mean that it is similar to a country's economy in that there is exchange and value, but this time not with money but with the symbolic meanings that are attached to elements of art and advertising, which become current and feed into and off each other.
- "Symbolic economy" seems to be a relatively recent coinage of the art critics.
- The definition you found seems to fit with Gibbons.
- I think that by "economy" they mean that it is similar to a country's economy in that there is exchange and value, but this time not with money but with the symbolic meanings that are attached to elements of art and advertising, which become current and feed into and off each other.
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"Symbolic economy" seems to be a relatively recent coinage of the art critics. The definition you found seems to fit with Gibbons. I think that by "economy" they mean that it is similar to a country's economy in that there is exchange and value, but this time not with money but with the symbolic meanings that are attached to elements of art and advertising, which become current and feed into a
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