This article examines the economic impact of the arts. While universities and the arts do not have identical economic effects, they possess certain similarities that are revealed in impact studies and that reflect the underlying assumptions of the economic impact approach. First, universities and the arts are not just good in themselves but are good for the economy. Second, their economic impact can be measured quantitatively. Third, the value of these contributions should be underscored since they are widely underappreciated. Fourth, the economic impact is a useful fact since the arts and universities usually must justify their receipt of public subsidies.

That the arts are good for the economy is great - but what if they were not? More important, arguments from the economic impact perspective can trivialize and commercialize significant aesthetic and valuation issues. These are matters that will be discussed herein and the utility of the economic impact approach will be the concluding subject. However, it needs to be recognized at the outset that the arts are an important business and that impact studies have provided the public and public policymakers with a valuable understanding of the contributions of culture to our economic well-being. (p. 34).

CONTENTS
The political economy of the arts.
The value of economic impact studies.
The Arts and the urban economy.
The arts: Good, Good, Public Good.
Utility and Beyond.
Notes [bibliography].

This article examines the economic impact of the arts. While universities and the arts do not have identical economic effects, they possess certain similarities that are revealed in impact studies and that reflect the underlying assumptions of the economic impact approach. First, universities and the arts are not just good in themselves but are good for the economy. Second, their economic impact can be measured quantitatively. Third, the value of these contributions should be underscored since they are widely underappreciated. Fourth, the economic impact is a useful fact since the arts and universities usually must justify their receipt of public subsidies.