A Case For Investing In The Arts (Even In Bad Times)

“The calls to cancel the construction of the Walt Disney Concert Hall in the early ’90s during Los Angeles’ last major recession nearly succeeded, and the hall was delayed for many years. Fortunately, that didn’t succeed, and Los Angeles has a building that lifts our spirits and serves as a symbol of a great city’s aspirations. It also is an income-producing tourist attraction and magnet for downtown investment. How many times over has the hall earned its relatively paltry $265-million investment, which is less than one-tenth of 1 percent of the Wall Street bailout? Who got the better deal?”