Journal of Economic Literature
Book Reviews
2026-08-28
David Figlio of U of FL and NBER reviews “The Economy of Prestige: Prizes, Awards, and the Circulation of Cultural Value” by James F. English,. The EconLit Abstract of the reviewed work begins “Inquires into the cultural economics of prizes and awards in literature and the arts. Draws mainly on examples from the field of literature and from American and British contexts. Provides an overview of the rise and rapid proliferation of prizes over the course of the past century, discussing precursors of the modern cultural prize; the logic of proliferation; and prizes as entertainment. Examines the peculiarities of the awards industry, discussing prize creation; judges for cultural prizes and taste management; and trophies as objects of production and trade. Considers the predominantly negative discourse surrounding cultural prizes and what collective cultural function the prize can serve when so many consequential participants have announced in advance their disdain for its procedures and outcomes. Addresses the game elements in prizes, the unspoken rules and unconscious strategies that structure everything from acceptance speeches to op-ed commentaries. Explores the global economy of cultural prestige, discussing the arts as international sport; the new geography of prestige; and prizes and the politics of world culture. English is Professor and Chair of English at the University of Pennsylvania. Index.”