6min chapter

Economics Detective Radio cover image

Arts and Minds with Anton Howes

Economics Detective Radio

CHAPTER

Is the Society of Arts Supplementing the Government Subsidy?

The society of arts was set up in 17 60s to encourage innovation. It's a privately funded thing, but it does supplement government subsidies. Inventors can still patent their ideas and then license them for money. But the system is very risky as people are often not willing to take risks. The society has given out hundreds of prizes since its inception.

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