Whitechapel Gallery Hires Economist-in-Residence to Rethink Museum Value

London's Whitechapel Gallery has appointed economist Mariana Mazzucato as its first economist-in-residence, a three-year role aimed at rethinking museum revenue and social value. The gallery faces a deficit of £880,458 ($1.2 million), up 325% from the previous year, due to declining exhibition income, reduced trust funding, and a cost-of-living crisis. Public funding from the Arts Council dropped from £6.1 million (2018–22) to £5.8 million (2022–26). Mazzucato, a professor at University College London and director of the Institute for Innovation & Public Purpose, will advocate for government recognition of culture as strategic investment. She debuts on Thursday at the "Art Futures" series, discussing her forthcoming book The Common Good Economy with artist Alvaro Barrington and Darren Isom of Bridgespan Group.