Little Bit Of Love For Intangible Benefits In Economic Reporting

Being a big proponent of libraries a radio story by Marketplace on the value of libraries caught my attention. Being an economics focused show, their analysis initially focused on return on investment:

Farrell: Well, there’s this recent study — this one grabbed my attention — [by] three economists [from] Montana State University, Federal Reserve Bank of Chicago and Miami University. And they calculate by some measures a healthy return on investment. So among their findings, library capital investment increases children’s attendance at library events by 18%, children’s checkout of items by 21% and total library visits by 21%. Now, OK, that’s interesting, but increases in library use translate into improved children’s test scores in nearby school districts.

Long time readers know that I am also a proponent of not couching the value of everything in terms of economics and test scores so I was pleased that the reporters followed with a longer discussion of the intangible contributions libraries make to social cohesion:

Brancaccio: So there are interesting, almost hard-to-quantify benefits as well?

Farrell: That’s right. And that’s, you know, really the thing that stands out to me is we’re living through an era where there’s a lack of trust in so many institutions and, you know, the sense that we have connections with each other, I mean, that’s splintering. Well, public libraries are still trustworthy, community institutions and most important, public libraries are open to everyone. It doesn’t matter your age, it doesn’t matter your race, ethnicity, social class and net worth.

[…]

Farrell: And this is why I think the return on investment, particularly as you’ve mentioned, the return on investment on the intangibles, is so important. So a lot more needs to be done to maintain buildings, update bathrooms, increase the number of hours that they’re open, and there’s a wonderful book by sociologist Eric Klinenberg, “Palaces for the People.” And you know, in that book, he persuasively argues that libraries, the people who work there, and the people who visit that they’re essential to our democracy, and to our community. So support your local library.

About Joe Patti

I have been writing Butts in the Seats (BitS) on topics of arts and cultural administration since 2004 (yikes!). Given the ever evolving concerns facing the sector, I have yet to exhaust the available subject matter. In addition to BitS, I am a founding contributor to the ArtsHacker (artshacker.com) website where I focus on topics related to boards, law, governance, policy and practice.

I am also an evangelist for the effort to Build Public Will For Arts and Culture being helmed by Arts Midwest and the Metropolitan Group. (http://www.creatingconnection.org/about/)

I am currently the Director of the Grand Opera House in Macon, GA.

Among the things I am most proud are having produced an opera in the Hawaiian language and a dance drama about Hawaii's snow goddess Poli'ahu while working as a Theater Manager in Hawaii. Though there are many more highlights than there is space here to list.

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