Investing in Creative Activities Economics Essay

Investing in Creative Activities Economics Essay

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Part 1: Fostering creative activities and investing in the creative sector of a location is absolutely an economic driver; we see this reality is major arts hubs around the world including NYC, Denver, Paris, and London to name a few. NYC having been my hometown for twenty years, I saw first hand the abundance of tourism, jobs, and overall economic participation that thrives due to sustaining and growing a vast creative city. I have also seen the detriment on the other hand, having lived in less dynamic and creativity-inducing cities that have not invested in creative activities, such as Nashua, New Hampshire for one who’s economy is declining, as evidenced by a job growth of -5.2% (nhes.nh.gov). While NYC is attracting money flow through offerings of Broadway Shows, Renowned Art Museums (MoMa, the MET), historical AND novel skyscrapers (Empire State Building built in 1930 vs. The Vessel Structure that erect in 2019), Nashua is a city I lived in that seemed to offer little to no reason for visitations, or expansion of job-offering structures/initiatives.

As I researched and covered David Throsby for our Economist Profile assignment, I learned about the significant impact of focusing on creativity from an economic perspective and how doing so drives the economic health of a city. A quote that stuck with me in this course by Throsby that is especially relevant here is: “It is becoming increasingly clear that creativity is a key resource in promoting innovation in the economy” (Throsby, 2011).

To overlook and dispel the power of creative arts by deeming it imaginative would be an opportunity missed in regards to participating in international trade, creating local jobs by applying creativity into urban development (see Dubai for example), attracting engagement with local businesses by driving tourism. The list of positive economic outcomes resulting from a strong cultural policy that sustains but more importantly, encourages the creative arts, is extensive. So yes, I do believe that cities provide ideal environments for creative activities to be fostered and grow, and other developing towns would benefit immensely from doing the same.

Citations:

D’Avignon, F. (2011). DEBATES 2011 – Investing in culture – Interview of David Throsby.
Debates 2011 – Investing in culture – Interview of David Throsby. Forum D’Avignon Culture
is Future. Retrieved from http://www.forum-avignon.org/en/debates-2011-investing-
culture-interview-david-throsby

New Hampshire Employment Security (NHES). (2018). Nashua, NH. nashua NH – Community Profile | Economic & Labor Market Information Bureau | NH Employment Security. Retrieved February 8, 2022, from https://www.nhes.nh.gov/elmi/products/cp/profiles-…

Part 2: Los Angeles or more specifically Hollywood is known for producing the blockbuster powerhouses that the world has come to know and love today. LA which is synonymous with glamour and money has its own unique culture which has let it become what it is today. Located in the state of California, the entire state is a sort of art piece created for entertainment. One cannot talk about Hollywood and mention the music, the movies, and the art that is produced here. LA is home to the biggest celebrities ranging from artists to musicians to world-renowned actors. Origins of over 1500 theatrical productions each year and 225 theatres for screening them. Also, the fact that over 100 world-class art galleries and museums call LA its home as well as 55 architectural marvels from the top architects (Simpson and Lauren ). And lastly not to mention the music produced here as well as the annual music festival hosted in the state of California where the world’s most well-known singers and musicians perform.

As mentioned, art and entertainment are a big part of LA. Getting specific in the economic sides of things, this art and entertainment culture of LA has let it become the metropolis that is known all over the world and is the dream of aspiring actors or artists. The argument against the creative industry not contributing to economic growth or being an economic driver holds no water as the modest agricultural fields that once was the area is now producing art that sells for hundreds of millions, numerous platinum music records, movies whose budgets range in the hundreds of millions and gross in billions. And lastly, a more evidence in this argument can come from LA’s nickname as ‘the city of broken dreams’ as young artists come to the city to learn and grow in their respective fields only to have their dreams crushed by someone else (Pound). One only comes to a place to find opportunity and most opportunity only presents itself in places with wealth. All in all, it is clearly evident that the creative arts and industry do have an important role to play in the economic growth of a place.

Citations：

Pound, Cath. “From a satire of the Hollywood underbelly, to a noir movie – and a masterpiece of resistance and rebellion – Cath Pound explores three iconic works that depict the City of Angels.” The Collection, The BBC. 25th February 2020. https://www.bbc.com/culture/article/20200224-the-c…

Simpson, Jamie, and Lauren Salisbury. “Facts About LA.” Discover Los Angeles. https://www.discoverlosangeles.com/media/facts-abo… . Accessed 8 Feb 2022.

Part 3: Government policies provide support for the cultivation and development of creative activities and can even motivate creators. Take the Creative Culture Industry Park as an example, the government provides a formal loan platform for creative enterprises stationed in the Cultural Industry Park, expanding their financing channels and providing discounted interest rates for those who meet the requirements to reduce the financial pressure on creative enterprises. I think the cultivation and development of creative activities in less densely populated areas is not as well developed as in more densely populated areas, because creative activities are a small-scale activity that may have little impact in less densely populated areas.

I think creative industries have a role as an economic driver. My city has a deep cultural heritage, but little architectural heritage, and the development of tourism is not as effective as in neighboring cities, so we focus on the development of modern culture and creativity. The development of creative industrial parks can be considered an important step toward creative industries. Industrial parks provide creative space for art creators and bring creators together, encouraging specialization and thus increasing productivity and economies of scope. Entrepreneurship drives employment and promotes economic development.

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