Why London’s Whitechapel Gallery Hired an Economist
London’s Whitechapel Gallery appointed economist Mariana Mazzucato as its first economist-in-residence for a three-year term, amid widening financial pressures on museums. Director Gilane Tawadros said the role is intended to help rethink both how museums are funded and how culture’s social and political value is understood. The Financial Times reported the gallery’s deficit rose to £880,458 ($1.2 million), up 325% from £207,377 ($280,000) the previous year, while Arts Council support declined from £6.1 million ($8.2 million) for 2018–22 to £5.8 million ($7.8 million) for 2022–26. Mazzucato, a University College London professor and founding director of the Institute for Innovation & Public Purpose, is expected to advocate for treating culture as a strategic public investment that builds social cohesion and public value.
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This story was covered in Sanctions, Scandals, and Venice’s Market Fever