The economic contribution of volunteerism toward the value of our cultural inventory |
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| Authors: | Carl M Colonna |
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| Institution: | (1) Christopher Newport University, 50 Shoe Lane, 23606 Newport News, Virginia, USA |
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| Abstract: | Scholars for centuries have been investigating and debating what determines the value of a good or service. However, the market has chosen to ignore what has been categorized as nonmarket transactions such as volunteerism. This paper will examine the economic contribution of volunteerism and its impact on our cultural inventory. Economic literature reveals three possible alternative methods to calculating the dollar figure for non-compensated volunteerism. They are Opportunity Cost Approach, Value-Added Approach, and Market Price Equivalency Model. Has cultural volunteerism contributed to cultural inventory by providing an expansion of our knowledge of the past and understanding the future? |
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| Keywords: | Volunteerism cultural inventory opportunity cost approach value-added approach market price equivalency model |
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