What people (plural as in other people) value is reflected in the demand. What the individual values is the ability to pursue dreams while sustaining a lifestyle. Some put the pursuit of dreams ahead of the sustaining part and some never had to consider sustaining a lifestyle as they had it in the bag from inheritance so now they are just perusing in a Jethro Bodine like manner, wonder what they will become today, street car conductor or brain surgeon.
As a nation perhaps, and to those who look back (historians, another liberal art) but to those cutting the path to new designs and ideas, cures and such, the arts are just a diversion.
Perhaps, but what was in those texts that was important? Mankind would have died quickly were it not for science. Plagues would have killed us all had we sat around thinking of things to argue about and writing plays.