Creative Industries and Economic Evolution

Creative Industries and Economic Evolution

New Horizons in Institutional and Evolutionary Economics series

Jason Potts

The creative industries are key drivers of modern economies. While economic analysis has traditionally advanced a market-failure model of arts and culture, this book argues for an evolutionary market dynamics or innovation-based approach. The book explores theoretical and conceptual aspects of an evolutionary economic approach to the study of the creative economy. Topics include creative businesses and labour markets, social networks, innovation processes and systems, institutions, and the role of creative industries in market dynamics and economic growth.

Chapter 16: Conclusion

Jason Potts

Subjects: economics and finance, evolutionary economics


16.1 SUMMARY AND IMPLICATIONS This book has sought to present the outlines of an evolutionary economics of the creative industries. The overarching theme has been that of the contribution of the creative industries to evolutionary economic dynamics. My line has been that they play an important role in the innovation process; both an under-appreciated role and a widely misunderstood role. The creative industries have been under-appreciated as drivers of innovation because they have been over-represented as a welfare problem. Their role has been misunderstood because we have not taken enough notice of the deep similarity of artists and entrepreneurs. To address these issues I have sought to present and in part develop in this book an evolutionary economics of creative industries. In this world, the creative industries matter because of their significance to economic change: they are part of the mechanism of economic evolution. That’s what makes them economically valuable: they make change. Yet this is not the standard line in cultural economics, nor a particularly confident line in modern creative industries analysis. What I have argued instead is that the economics of creative industries is properly based on an evolutionary economics organized in terms of the micro– meso–macro framework (Dopfer and Potts 2008). This suggests three distinct levels of analytic focus for the dynamic contribution of the creative industries. First, the creative industries have micro dynamic effects. This recognizes that the process of economic evolution involves agents reacting to novelty and becoming different. This is an entrepreneurial action...

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