Art and Economy

Art and Economy

Art and culture is one of the aspects that people are learning to appreciate in recent years. Cities and towns around the world are benefiting in many ways from activities related to art and cultural activities. Creative businesses are cropping up daily and are doing competitively well in the industry. Unemployment is perhaps one of the major issues that have fueled the high level of creativity that is being witnessed among people. They have since realized that they can use their talent to earn income and achieve their financial goals. This begs to ask; what role does art play in economic development in general? Does "art and economy" related in anyway?   

Economic benefits of arts
Arts as well as culture are extremely important to the economies of countries across the world. Arts related industries which are also referred to as creative industries usually provide direct economic benefits to communities and states around the world. Some of the many benefits that art has on the economy include:

·     Creation of job opportunities  
·     Attraction of investments 
·     Generation of tax revenues  
·     Stimulation of local economies via tourism and consumer purchases   

It is clear that art related industries benefit the world economy almost as much as any other industry in the economy or even much more. Let us consider each of these benefits separately:  

Creation of job opportunities:
Unemployment is a common problem in all the countries of the world. World leaders are constantly looking for ways of creating job opportunities for young people. Besides provision of funds for facilitating startups, leaders are also encouraging people to engage in activities they have talent in to make ends meet. They say that necessity is the mother of innovation and this has turned true in recent years. More and more creative businesses are being formed daily as people seek ways of generating legal and genuine income.  

Attraction of investments:
Through creation of creative businesses, more and more investors are attracted to specific regions of the country.  These investors put their money in such businesses and other businesses operating in other industries. In the end the entire economy of the state or country experience tremendous growth thanks to arts and culture related activities.   

Tax revenue generation:
Local and national governments rely on tax revenue to run their budgets smoothly. Having one more industry where tax can be generated is one of the best things that could happen to a state, national or world economy. Tax revenue generation is one of the major things that connect "art and economy" and one more reason why creative industry should receive as much attention and support as possible. The more the industry grows the more the economy will continue to grow.   

Stimulating local economies:
Growth of local economies eventually translates to the growth of the world economy which means improved living standards for the world population. Creative industries usually attract tourists from all walks of life. What is more, people purchase products and services developed in the art industries which in turn lead to stimulation of local economies.


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