Paper Example on Creative Economy: Imagination as Valuable Resource

Introduction

In 2001, John Howkins coined the concept of the creative economy. The terminology has no single definition but revolves around the ideology of creative imagination in the economy as a whole. According to Eikhof & Warhurst (2013), the concept entails a holistic value-based on imaginative attributes instead of standard resources such as capital, labor, and land. The terminology revolves around arts, services, cultural goods, and research and development. Howkins characterized the creative economy as self-reliant on creativity (Bazalgette, 2017). While the two-point to a long history of engagement within multiple areas, they have, for a long time, not had any relationship. The main issues of the creative economy include topics, such as public statistics, pricing, policy, digital and online aspects, intellectual property, learning, and education (Caves, 2003). Over the years, the concept has proved worthy and beneficial. This paper explores the statement, "the rise in the importance of the creative economy represents a moment in time that benefits its multi-nation corporations, corporate capitalism, and the global elite. The creative industry masks itself as a sector premised on merit, but in reality, the cards are stacked against the worker. Normalizing this start of affairs will further entrench and exacerbate the economic woes still prevalent since the flight of industry."

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Benefits of Creative Economy

Auliana et al. (2019), the creative economy presents many benefits to the economy and the society at large such as increasing economic development, expanding job prospects, and enhancing human creativity. The creative economy improves human potential since its origination remains infinite. The resulting product of a creative economy helps realize human creativity through which something new comes forth (Auliana et al., 2019). In a creative economy, how society thinks, perceives, and engages, need to develop and come up with something new for the markets. Within the film industry, the concept of the creative economy has pushed up Hollywood's contribution to the U.S. economy in many ways (Eikhof & Warhurst, 2013). It can generate not only more economic development but also innovative ideas in various sectors.

Increased Job Availability

The creative economy has also grown job availability prospects. The gradual increase in the broader marker presents a positive and healthy picture of the markets. With high employment chances and opportunities, inflation and economic tidings remain upbeat and positive. The creative industry portends a wide range of sectors ranging from handicrafts, furniture, textile, and food (Bazalgette, 2017). Within the U.S. and Europe alone creative economy has built a more inclusive and upbeat environment for progress and economic boom. Since it does not depend on natural resources, it directly impacts on the creation of jobs and extensive availability of economic opportunities.

Economic Growth

The impact on jobs directly affects economic growth. All over the world, especially in the European markets, Asia, and America, governments have remained committed to developing and increasing the potentiality of various sectors with a keen focus on economic progress and stability (Eikhof & Warhurst, 2013). The creative economy, in addition to its affiliate sectors, has, over the years, nurtured sustainable growth, productivity, and competitiveness. As it covers various economic activities, the creative industry remains crucial to the multiple sectors such as video, film, design, music, photography, arts and crafts, and T.V./radio (Auliana et al., 2019). With the concerted interplay between the various sectors, creative industries stand as a tool and springboard for more significant economic development.

New Business Environment

Although the creative economy has faced criticism for standing in the way and preventing sustainable development and technology, it has provided a vast platform for clean, sustainable engagement (Bazalgette, 2017). However, this comes at the backdrop of having no tangible link between sustainable development and creative economy despite the positivity.

Importance of the Creative Economy

Over the years, the creative economy has served as an essential indicator in boosting sustainable economic development, productivity, and competitiveness (Bazalgette, 2017). The concept of the creative economy plays a critical role in promoting cultural promotion, social values, and economic integration. It is also a good source of knowledge in addition to information. The concepts of dynamic character play a significant indicator of how various industries and players grow and establish themselves. Besides boosting other sectors, the creative economy plays a vital role in enhancing expansive engagement and collaboration within the broader global economy (Eikhof & Warhurst, 2013). Companies having a direct relationship with the creative economy have had a continuous expansion of their economic and social importance within the marketplace.

At the same time, the value of products has remained high, unique, and of a significant amount (Bazalgette, 2017). Since the concept of the creative economy hit the markets, individuals and especially creative persons have experienced high demand in the market. These people have utilized their creativity to revolutionize the markets and their significance in the market. The market and economy continue experiencing significant modifications, courtesy of creative individuals who have taken the role and initiative towards remaining relevant in the market (Caves, 2003). They not only support appropriate programs supporting the creative industry, but they also have, in their name the prestige and accolade that go along with their contributions.

Creative Industries and Creative Economy

According to Auliana et al. (2019), creative industries entail varied activities focusing on exploitation and generation of information and knowledge. In some quarters, creative industries also denote to creative economies. However, the difference remains rather slim. In Howkins' theoretical concept, creative industries point to human creativity that remains as the ultimate economic resource and that with time, present-day industries will continue depending and harnessing much of their resources from innovation and creativity. In the last two decades, creative industries have accounted for over 5 percent of the world's economic progress and input (Bazalgette, 2017). Estimates point that in the next two decades, creative industries will form robust players in global economies, research, and development. For example, in the US alone, the context under which creative industries play a role delivers over 60 percent of the world's economies. In regards to employment opportunities, the sector employs approximately 7 percent of the US workforce (Auliana et al., 2019). However, the number still lags, considering the high number of industries covered by the sector. In both the US and the UK, the areas as mentioned above, constitute over fifty percent of employment and approximately 80 percent of revenues (Bazalgette, 2017). The last decade alone has seen a turnover of over $624 billion in addition to multiple benefits that have continued to create value and provide sustainable growth, centering mainly on the human revolution (Bazalgette, 2017). The main leading sub-sectors within the US economy include entertainment, television, radio, publishing, and design.

The main features of the economy depicting as a holistic platform of growth and development include increasing value for all, new development concepts, and an economic system that has its origin from originality and imagination (Auliana et al., 2019). These came behind the backdrop of unnecessary connection with capital, labor, or land resources. As multiple economic engagements that take diverse local trajectories, the creative economy encompasses all irrespective of their control of the means of production or resources. Both the workers and the owners benefit. The creative economy does not depend on technologies or money. It's anchored on entertainment, commerce, services, and production coming forth with multiple changes the way people live, work, engage, or study (Caves, 2003). Due to its dynamic concept regarding income generation creative economy does not tie its progress and growth on material resources, making up much of an open platform unlike the capitalistic aspect of the present economic prospects. The creative economy remains a reflection of social elements and the preservation of the global era. As more and more business enterprises attract and retain talent, so does the platform of creativity widens to accommodate a broad spectrum of abilities (Eikhof & Warhurst, 2013). The resulting outcome represents a forward-thinking, progressive, and more focused relationship that improves shareholder-focused engagements.

The Effect

The overall creative economy provides a much bigger picture and purpose of bringing together creative individuals and those owning means of production (Gill & Pratt, 2013). From a financial overview, innovative services drive much of the economy providing both the creative individuals and business owners the platform to derive the best from their input. The arts bring forth a lot greater contribution to various sectors, improving the economy, ad driving change towards revolution. The overall impact extends beyond the arts sector. For example, for every vacancy established, over 1.7 positions arise (Auliana et al., 2019). The value that correlates with the general contribution of each member contribution makes up over 5.6 percent of the economy (Eikhof & Warhurst, 2013). Never is it about the money, the creative economy helps keep the cultural and political significance well and alive within a country and beyond.

Cultural sectors, such as heritage points, are not a preserve of the rich or those owning means of production (Auliana et al., 2019). They entail the effort of both the cultural aspect of society and the social fabric as a whole. Thus, the notion about the creative industry representing a moment in time provides a critical platform for having an insightful look into the operations and relationships of the various sectors of the economy, such as the global elite, corporate capitalism, and multi-national corporations (Eikhof & Warhurst, 2013). It not only provides a unique economic platform of growth and development, but it gives a level playing field for all to improve and grow the economy in their unique ways (Bazalgette, 2017).

In the last two decades in various sectors of the economy, individuals, corporations, countries, businesses, and governments have benefitted directly from the creative economy and industries.

The EU's economy grew by over 4 percent courtesy of the creative economy. At the same time, over 7 million persons got direct employment, further fostering innovation, creativity, and talent (Auliana et al., 2019). For example, in 2017, the EU recorded the highest TV viewership expanding its entertainment industry and enabling talented individuals to launch their latent on a more elevated platform (Eikhof & Warhurst, 2013). Several financial plans and instruments enacted have enabled corporations and individuals to expand their cultural and business sectors, further establishing a nationalistic approach to public-private partnership and collaboration. Through this, a more nationalistic and entrepreneurial culture gets established and rooted in the country. Creativity plays a vital role in enhancing HRM engagements as talented professionals and artists find a level playing field (Auliana et al., 2019)....