5min chapter

Economics Detective Radio cover image

Arts and Minds with Anton Howes

Economics Detective Radio

CHAPTER

How Does the Society of Arts Get Started?

11 men walk into a coffee house in march 17 54, and declare themselves to be the society for the encouragement of arts, manufactures and commerce. They decide that they will under write the first few prizes that they'll give, before they've got sufficient subscription funds later on. And so what happens over time is, overth this first hundred years or so, it gives many thousands of prizes,. You know, four polite arts, four inventions, at least two thousand for various kinds of inventions. It gives prizes for trees hich were being used for the navy, because they were being imported from baltic which made them unsafe. So all these prizes are coming from just the members who happen to

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