International Conference on Economics, Finance & Business, Istanbul

ARTS-BASED EDUCATION IN LATVIA - MEASURING ECONOMIC VALUE

DZINTRA ILIŠKO, ALĪNA ROMANOVSKA

Abstract:

Alina Romanovska, Dzintra Iliško, Daugavpils University, Latvia This study was carried out within the Horizon Europe programme project “The Cultural Literacies’ Value in Europe” (CLiViE). Preparing future teachers requires a search for new forms of knowing and doing. In times of economic instability and unpredictability, teachers need training to navigate complex work environments and prepare students for employability and the new demands of the job market. Therefore, among other sustainability dimensions, the economic dimension plays a significant role in training future professionals for the future job market. The economic dimension has been assessed through Social Return on Investment (SROI). This tool assesses the economic value of the project’s social, cultural, and educational outcomes in monetary terms, focusing on the long-term economic value of social cohesion and participation. The four case studies demonstrate positive economic return. The highest economic return, with an investment of 1,948EUR, was the case study of Polish Cultural-Historical Heritage in Daugavpils (SROI - 5.39 EUR). The case study included 24 pupils aged 17-18. It involved deep engagement with history and cultural heritage through a creative digital quiz, using integrated, interdisciplinary, arts-based pedagogical approaches that developed transversal skills and competencies. Outcomes included increased self-esteem and soft skills over a three-year timeline (2,700EUR → 2,430EUR → 2,187 EUR), while IT skills also produced multi-year benefits. The case study’s SROI for “The Other in Art and Life” was lower, at 3.85, but it projected benefits across five years, alongside mental well-being and participation in cultural life. The total calculated value was 14,086.76 EUR compared with the 3,660 EUR invested. This demonstrates a clear pathway from arts-based education to teamwork skills, employability potential, and long-term benefit. The largest monetised outcome in terms of well-being, increased confidence, motivation and self-esteem was calculated for the case study “Together We Rise.” In conclusion, all case studies produced measurable economic value, as shown by a long-term perspective that extends beyond cultural knowledge. Economic benefits are indirect and long-term, mainly related to employability, craft competencies, and mental well-being. Therefore, arts-based education is a long-term investment in human and social capital that generates long-term economic value.

Keywords: Arts-based education, economic value, soft skills, well-being, economic dimension

PDF: Download