Intangibles pay off – the case for culture

From the NY Times Economix blog — Study Finds Culture to Be Economic Engine:

Modern Germans may still be harvesting significant economic benefits from extravagant opera houses built by spendthrift Baroque princes, according to a study published this month by the Ifo Institute for Economic Research in Munich.
The economists behind the study, Oliver Falck, Michael Fritsch and Stephan Heblich, argued that Baroque opera houses attract well-educated workers who prefer to live near cultural amenities. Proximity to an opera house can increase regional growth by as much as 2 percentage points, they wrote.
. . .
“Our advice to local policy makers,” they wrote, “is to be aware of the value of cultural amenities when competing for high-human-capital individuals.”

Enough said.

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