Mr Hotz says that prizes may soon rival traditional research grants that spurred innovation. This is interesting but what really got my attention was a passing reference to James F. English, a professor at the University of Pennsylvania, who has written a book called 'The Economy of Prestige: Prizes, Awards and Circulation of Cultural Value.' I was able to find parts of the book on Google books so you can look for it there. I had a quick look (will have to buy the book) and took down these notes which I'll share here.
"The rise of prizes over the last century, especially their feverish proliferation over recent decades is widely seen as one of the more glaring symptoms of a consumer society run rampant, a society that can conceive of artistic achievement only in terms of stardom and success and that is fast replacing a rich and varied cultural world with a shallow and homogeneous McCulture based on the model of network TV."
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