U.S. Bureau of Economics Analysis Re-calculating Entertainment, Literary and Other Artistic Originals for GDP
On Wednesday, the U.S. Bureau of Economic Analysis will release an enormous re-evaluation of the U.S. economy’s composition and size from 1929 to the present. The report could have significant implications for the arts as explained in a New York Times opinion editorial, Getting Creative With the G.D.P.
This is a really complex subject matter, but here are some highlights:
- Creativity and innovation have been monetarily undervalued in the United States, specifically their impact on Gross Domestic Product. (GDP, by the way is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country’s standard of living.)
- The revisions include a change in the treatment of what it calls “entertainment, literary and other artistic originals.” These include books, movies, TV shows, music, photographs and greeting cards.
- These things are being re-calculated to reveal their broader impact on the economy
In the past, entertainment originals have been treated as a cost of doing business, reducing G.D.P. Now they will be recognized for it potential to add economic value for years to come.
One of the strongest arguments we can make in support of public funding for the arts is the impact it has on Oklahoma’s economy. This new report coming out from the U.S. Bureau of Economics Analysis seems like a significant step forward in providing a more accurate impact arts and culture have on the economy.
To read more about arts and economic impact, click on the following links.
Follow the Oklahomans for the Arts LinkedIn group where we post links about the creative economy,