Measuring economic value of cultural institutions: cultural sector efficiency in public policy

In: Voprosy ėkonomiki: ežemesjačnyj žurnal, Heft 6, S. 116-130

Abstract

Today, many cultural institutions like museums, theaters or libraries, are considered as major economic agents who can have a profound economic impact. This paper reviews different approaches to analyze economic value and efficiency of cultural institutions in public policy; it also discusses the major arguments that explain the evolving roles of those institutions in society. The shortcomings of the evaluation approaches are also discussed.