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• W281146650 abstract "The outcomes of a Loughborough University UK project `The economic value of public libraries' are described. Economic concepts and their relevance to public libraries are considered, together with approaches to measuring value. A number of models demonstrating aspects of public library value are reviewed and an estimate made of their total value. Expanded version of an article which first appeared in `Public library journal' 16(2) Summer 2001 and published here with the kind permission of the authors and the editor of PLJ, Olivia Spencer Library evaluation has evolved in recent years from the measurement of inputs and outputs to the assessment of value and impact. The scope of the quantitative and qualitative information now available allows much more adventurous, but very necessary, subjects to be tackled. One of these, The economic value of public libraries, has been the subject of a year long research project in the Department of Information Science at Loughborough University. The project, funded by Resource, began in November 1999, and the final report is now available.[1] The first part of this article describes the work of this project. Here, we look at the economic background to public library value. Some concepts are explained and their relevance to libraries examined. This part also looks at approaches to measuring value. Models illustrating some aspects of public library value and an estimate of total value are presented in the second part. At first sight an economic approach might seem a difficult and even inappropriate way of looking at public libraries. How can we, after all, put a value on access to a nation's cultural heritage, or to current and unbiased information? How can we measure the benefit gained from reading a novel? What we were looking for was a way of assessing the economic impact of the public library service--its value to the individual and, in total, to society. On closer examination the task was not quite so daunting. Some library services and functions lend themselves more readily than others to such assessment, but where we cannot measure, we can describe. We can identify those features and characteristics which have impact, even if we cannot assign a monetary value. Although the public library is a service, some of the ways in which it functions are similar to business. Community profiling is not unlike market research and stock selection attempts to match a demand curve. In obtaining a book, albeit for a limited amount of time, at a much smaller cost than if he or she had bought it, the reader enjoys what the economist would call a consumer surplus. Unlike a business, however, the library is publicly funded. To understand why this is so we must look at three economic concepts commonly associated with public funding. Economic concepts The first of these is merit goods. These are goods or services to which society accepts that everyone should have access, regardless of their means. An obvious example is healthcare. Public libraries are felt to have merit properties because they maintain literacy, stimulate the imagination and expand personal horizons. They also inform and empower citizens, enable access to a common cultural heritage and promote a sense of ownership of society. Merit goods confer benefit mainly on the recipient. A hip replacement, for instance, is of great benefit to the patient, but of less benefit to society as a whole. Yet just as some aspects of healthcare, such as public health, do have wider benefit, then so can libraries confer on society as a whole the second of those concepts--external benefits. External benefit occurs when a person or persons not directly involved in a transaction nevertheless receives benefit from it. So when an individual uses the library to support a course of study, not only does the student benefit, but society also benefits from having in its midst a well qualified person who is able to tackle more demanding work roles, to command a good salary (and therefore contribute more in taxation), is probably more interesting to talk to and is likely to need less support throughout life. …" @default.
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• W281146650 date "2001-09-01" @default.
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• W281146650 title "The Economic Value of Public Libraries" @default.
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