NU Economics Discussion Essay Assignment

NU Economics Discussion Essay Assignment

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Part 1: This has been by far the most interesting and unique economic course I have participated in. Through reading the clear and informative course text by Towse, learning about the significance of cultural policy from Throsby, and mostly, by reading the individual perspectives and experiences of my classmates, I was able to view economies through a whole new lens. We all have interacted with the creative arts in one way; whether it was by visiting art and history museums, visiting landmarks and sites, listening to music, reading a book, and so on. It is impossible not to touch or interact with a product of our creative and cultural economies no matter where in the world you are, and to think about them and discuss them in an economic perspective is not something you tend to think about. That is my biggest take-away, is purely being aware of the economic aspects of the choices I make when it comes to choosing my next vacation spot, or planning to go see a movie. Instead of just seeing those activities for what they are on an individual level, I now am equipped with the mindset and perspective to see the influence of those decisions on the creators and participants of the works (the painters, the actors, the singers), on the jobs that are created on individuals within a locale that rely on these decisions we make when we choose to visit their resorts or landmarks or when we choose not to.

Most importantly, the impact of this in my personal pursuit is monumental. I am here at Northeastern as a student of Economics to understand how to integrate into and contribute to the development of third world country economies. I would have never stepped back and thought of how impactful it would be to consider the advantages of a cultural and creative approach within a certain region and how that can increase demands for skills and labor workers thereby creating opportunities for education; how it can increase global participation and flow of assets by attracting tourism through creative arts and activities. My mind continues to return to Dubai as it has through so many of our discussions; how this fishing village flourished into one of the most prosperous economies in the world largely due to focusing economic efforts into infrastructure, urban development and creation of landmarks (Burj Khalifa) among activities such as indoor snowboarding, sports car racing, amusement parks, etc. Building these structures created millions of jobs; maintaining and running them continues the need for jobs; encouraging innovative and creative activities built Dubai into what it is today. This just showed me how crucial an economic frame of reference is when it comes to essentially every aspect of our lives and that the creative economy is not to be underestimated as the growth of many economic powerhouses today relied on just that.

Thank you all for your incredible discussions and insights which I will carry with me through my continued journey of expanding my economic framework.

Part 2: It’s hard to believe that 6 weeks have gone by so quickly and we’ve already come to the last week of study. I think the first two weeks of the discussion board and Media Paper assignments were my favorite and the most important to me. Because these homework gave me the opportunity to connect the topics I was interested in with the assignments and to share them with everyone. When we talk about price and value, I always associate NFT’s as the first thing that comes to my mind, because NFT’s positively change the art, culture and the creative economy. It has created a new form of art. The value and price of this new type of art can be completely different for different people, depending on the meaning and importance of the object to their existence. I love the topic of NFT’s and it’s awesome to be able to combine what I know with the course. In my future life, I hope I can apply what I have learned to my work. Let the knowledge not only just stay in my head but really integrate with my life.

Part 3: Economics as a subject is categorized under Social Science. Before our Cultural Economics course, all other economics courses I have taken were more related to business and math. However, topics we learned under Cultural Economics convinced me that economics is a social science subject.

Cultural goods and services have unique features others don’t share. As discussed in the early chapters of our textbook, the price mechanism is not enough for cultural goods and services because of the social benefits. They are not purely public goods (we have discussed this in previous discussions).

Before this course, I had never considered cultural goods and services from the previously discussed points. Besides the common features, different branches of the cultural industry also have pretty different economic characteristics, such as performing arts & museums and built heritage. These differences will result in quite different analysis models when it comes to the labor market.

As discussed in the textbook, the music, film, and broadcasting industry are the most commercial mass media. These three are probably are also the most profitable ones. Maybe expanding their business to some less profitable industries (combination of different types of arts, for example, writing stories based on a painting) will make the whole cultural industry a better working environment.

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