The phantom of the opera: How the absolutist princes' love of ostentation still ensures flourishing regions today

Politicians faced with budget constraints tend to cut spending on culture. This, however, turns out to be misguided and is even counter-productive since attractive cultural offerings increase regional economic growth. A recent study of the Ifo Institute, together with the University of Jena and Stirling University, shows the extent to which cultural offerings make cities and regions more attractive for highly qualified personnel and consequently also lead to higher economic growth in the regions.