Culture Economics is a relatively recent coined concept. Culture nowadays is an important engine of the world economy. It is an instrument for social cohesion and an activity that generates richness and workflow in society.
The British Library has published (April 2013) an interesting study of its economic value to the UK using a cost benefit analysis (BCA) within a Total Economic Valuation (TEV) framework, the results of which is “a clear illustration of the return which society’s investment in the Library provides to the UK”.
The study has also worked with a representative sample of 1,200 people, surveyed for evaluating the services of the British Library.
The conclusions of the study are very appealing, confirming the importance and profitability of this institution. We’ll highlight just one statistic: “The economic value the Library delivers for society is £5 for every £1 invested”.
You can find the full report in this link