The economics of libraries

Abstract

The present article describes recent developments related to the study of libraries in the field of economics. In terms of scope, there is considerable variation in economic applications, with research themes ranging from cost–benefit analyses to the impacts of libraries on educational outcomes, for example. In terms of approaches, the vast majority of articles in the field correspond to empirical studies employing library data, although there is some variation in terms of aggregation. In general, a first look at this burgeoning literature divides its main contributions into two broad sets: (1) one focused on the long-term effects of public libraries over economic outcomes and (2) another focused on the use of libraries as naturally occurring laboratories for the test of economic theories. Although there is not a common theme underlying the majority of contributions here surveyed, there are still sizable opportunities for economists – and social scientists, in general – who want to explore the research potential of libraries.