The Park Place Economist


The aim of this paper is to determine the McLean County Museum of History's total effects, as well as the visitor center's total effects (thus far), on the Bloomington-Normal economy by calculating an aggregate monetary value for income earned to all businesses within the community. This will be done through an economic impact study, keeping in mind that "input-output modeling and aggregate income multipliers are particularly important" (Llop & Arauzo, 2012). It is hoped that this research will further our knowledge about the impact of cultural activities and how they are transmitted throughout the economy. This will help organizations aimed at tourism to better understand and plan the allocation of resources in an efficient manner.