Realising the Value of Culture: The Value-Based Approach

Realising the Value of Culture brings together international scholars to explore how values shape economies, organisations, and societies. It provides conceptual framing and tools for those seeking to align their practices with economic, cultural, and societal values.

The chapters in this collection bridge cultural economics, sociology, cultural studies, and urban studies to present an alternative to standard economic perspectives centred on price, profit, and efficiency. Foregrounding qualities – the quality of work, environment, and community – this book offers new methods to evaluate and realise cultural and social values. Its theoretical and methodological contributions include the conceptualisation of value realisation, the commons as shared practices, and the evaluation of impact through qualitative dimensions. Drawing on examples from the arts, crafts, cultural heritage, education, management, and urban development, it demonstrates how the value-based approach can inform circular, creative, and sharing economies.

Aimed at undergraduates, postgraduates, scholars, and practitioners – such as cultural managers, creatives, urban planners, policy-makers, and organisational leaders – this book offers an insightful framework for understanding the dynamic interrelations between individuals, institutions, and the communities they serve. The book functions as both a practical manual and an inspiration for continued research and application.

Lyudmila Petrova is Researcher and Educator in Cultural Economics at Erasmus University, the Netherlands and Co-Founder of the Center for Research and Education in Arts and Economics (CREARE). Her work focuses on creativity and innovation, cultural commons, and international cultural policy. Her key publications address value-based approach to the cultural sectors.

Arjo Klamer is Professor Emeritus of Cultural Economics, Erasmus University, the Netherlands and Visiting Professor Human Economy, VU Amsterdam, the Netherlands. His current research focuses on the cultural dimension of economic life. His most recent book, Doing the right thing: A value-based economy (2016), introduces a value-based approach to the economy.

Christian Handke is Associate Professor (with ius promovendi) of Cultural Economics in the Erasmus School of History, Culture and Communication, Erasmus University Rotterdam, the Netherlands. He is Executive Board member of the Association of Cultural Economics International (ACEI) and Associated Editor of the Journal of Cultural Economics.

Valeria Morea is Assistant Professor at the Arts and Culture Department at Erasmus University Rotterdam, the Netherlands. She previously worked as postdoctoral researcher at Iuav University of Venice, Italy and collaborates with the Mercatus Center at George Mason University, USA.

YounSun Won is Lecturer and Researcher at Erasmus University Rotterdam, the Netherlands. Her research focuses on urban economics and cultural economics, particularly the role of urban commons in transformation.