Economics strengthen arts case

The use of economic, rational choice methods in making decisions about arts funding could significantly strengthen the case for the arts, according to a paper published by Mission, Models, Money. ‘Measuring Intrinsic Value – How to stop worrying and love economics’, by Hasan Bakhshi, Alan Freeman and Graham Hitchen, proposes that entrenched misunderstandings between economics and arts policymaking, which are expressed as ‘instrumental’ and ‘intrinsic’ approaches to funding the arts, should be reconsidered. The authors have called for a DCMS-based Centre for Excellence for Cultural Economics and public investment to enable decision-makers to use economics-based tools to measure the true value of the arts.
w: http://www.missionmodelsmoney.org.uk