The Paint Factory Placebook - Report - Page 22
THE PAINT FACTORY, 115 HYDE ROAD, YERONGA
2.1
Understanding the
creative economy
Perceptions around creativity and the creative economy
are evolving. Generally, we understand creativity to be the
interplay between human ingenuity, ideas, intellectual property,
knowledge, and technology. The creative economy encompasses
all the industries relying on creative activities and is closely
linked to the “knowledge economy,” a key driver of endogenous
growth. Such growth requires investment in human capital
which then leads to the development of new forms of
technology and efficient and effective means of production.
The Organisation for Economic Co-operation and
Development (OECD) says cultural and creative sectors are
also a driver of innovation, a source of creative skills with
strong backward and forward linkages in the economy.
They act as a magnet that helps drive growth in other
sectors such as tourism. Beyond their economic impacts,
the OECD says they have significant social impacts, from
supporting health and wellbeing, to promoting social
inclusion and local social capital.
As a natural environment for innovative ideas, development
and utilisation of creative potential, the last two decades has
seen the creative economy emerge as a driving force for
economies and, as a result, the importance of creative
industries is also increasing.
The individuals, businesses and institutions involved in cultural
and creative industries (CCIs) is, accordingly, just as varied,
ranging from publicly funded museums and heritage sites to
large private firms such as Netflix or Spotify to micro-firms
and freelancers, such as designers, artists and musicians.
WHAT ARE THE CREATIVE INDUSTRIES?
The umbrella term of cultural and creative industries
(CCIs) covers a broad array of goods and services as well
works that are “experienced” such as gastronomy and
live music. The sector includes but is not limited to
advertising, architecture, broadcasting, media and film,
environmental heritage, fashion, software services,
libraries, literature, museums, music composition and
publishing, other culture goods manufacturing and sales,
performing arts and supporting activities, arts education,
and visual arts and crafts.
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