I mentioned in a post at the weekend that a mere 20% of FTSE 100 companies give something back to society by investing in the arts, despite their eye-spinning profit margins.
So it was interesting to read this on the Psychology Today website. It's well worth reading in full. Michele and Robert Root-Bernstein from Michigan state university make a compelling case as to the essential value of the arts on scientific innovation.
They quote the president and CEO of Boeing, W James McNerney, who said this:
"The arts inspire innovation by leading us to open our minds and think in new ways about our lives - including the work we do, the way we work, and the customers we serve."
The chairman and CEO of pharmaceutical giant Eli Lilly and Company, Randall L Tobias, said this:
"The arts foster creativity and creativity is central to our business strategy... Indeed, we believe there is a strong link between the creativity nurtured by the arts and scientific creativity."
The authors contacted scientists and engineers who graduated from MSU between 1990 and 1995 and write:
"The data our scientists and engineers provided to us demonstrates that the more arts and crafts a person masters, the greater their probability of becoming an inventor or innovator."
They conclude:
"Hobble the arts and crafts and you hobble innovation. Hobble innovation and our economy will suffer. Conversely, invest in arts and crafts and every dollar will stimulate the economy not only today, but through innovation a host of tomorrows."
