Creative Economy

Creative Economy is an “interplay between human creativity and ideas and intellectual property, knowledge and technology”. This definition would include IP law, fashion industry, film industry, advertising, writers, performers, artists i.e. fine arts industry, IT industry, education industry.

What is Creative Economy?

These sectors are the life line of a country’s cultural framework but only in parts have they been recognized for their economic contribution. Creative Economy of these creative industries cover the labour, production and trade aspect of these creative sectors. For example, When an art or film fair is there, as a part of creative economy, you will not only count the revenue from the tickets, you will also account for the revenue from the food stalls, the approximate taxi fares that people must have spent on reaching the venue, the technicians employed to support the fair, the production spent in the transports etc.

In creative economy the account takes in a larger pictures and reasons, that if the said culture event diminishes, there would be this over all loss to the economy of that city.

Today, the creative industries are among the most dynamic sectors in the world economy providing new opportunities for developing countries to leapfrog into emerging high-growth areas of the world economy.

-          UNCTAD

CAN THE CREATIVE INDUSTRIES BE CLUBBED AS ONE INDUSTRY?

Creative Industries has a different definition and classification in different countries. Some countries only include art and culture in their definition, other include other sectors like food or information technology. In my next article, I will talk about the rising boom of the creative industries in India.