Friday, March 18, 2011

Economic growth driver: opera house?

According to this:
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.
They concluded that political leaders should think twice before reducing culture spending.
The study by Mr. Falck and the other economists examined 29 opera houses built before 1800 or just afterward. By limiting themselves to venues constructed before the advent of the industrial revolution, the authors sought to eliminate the possibility that opera houses were a result, rather than a cause, of regional economic growth.
Not quite what would attract this guy.

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