Measuring Cultural Value

This article, based on a speech by Hasan Bakhshi, makes the case for more rigorous valuation studies of cultural institutions.

Key findings:

• We need more sophisticated public funding decisions for culture. This needs a much more rigorous attempt to value culture. 
• There is a danger that more difficult-to-measure benefits, such as aesthetic, spiritual or social value, are under-emphasised in the cost-benefit calculus at the heart of public policy. This can make them seem lower priority.
• The application of hard economics and understanding of cultural value need not be incongruous – as the Beyond Live study has shown.
• Our cultural leaders must accept that if they want state funding then they must demonstrate value on the state’s terms, which naturally includes the economic.