Creative Assets and the Changing Economy

Abstract

This paper evaluates recent claims that art and culture have become more valuable assets in the new economy. Based on conversations with several prominent cultural economists, the author argues that advocates and scholars should be more cautious in their attempts to draw out the implications of the changing economy on culture. Rather than spend time calculating the impact or size of the “creative economy,” the author argues that we should direct our analytical and policy energies toward better understanding how creative work and institutions are changing and what might be done to foster a more robust, creative and diverse cultural life.