Arts and economics are two areas which are dependent on each other in various aspects. The works of art are very essential products and services in the market therefore play a great role in economic development. Various aspects of art are of essence in contribution to economic development, for instance through earning of foreign exchange from the sale of items produced by the local artists of a country. Art is diverse such that its contribution to the economy is enormous in that the works of art varies and may take many unique forms depending on the creativity of the artists. In the modern society, various aspects of art have been transformed to be the main source of funds or income to a bigger proportion of the population in the many parts of the world. This transformation of arts to business has been enabled through creativity and innovation in the fields of art. Creativity and innovation has played a great role in transformation of arts, or instance culture, to be the main economic activities which are highly rewarding in the financial terms both to the country and the individuals or producers of the works of art.
In the context of creativity and innovation, artists have come up with many pieces of creative works which acts as the main source of income to the artists. Most artists engage in the production of creative works which are unique such that the competition is not very stiff and this enables them to sell their products easily before products of similar type arise in the market. Creativity and innovation and innovation therefore help in the creation of human capital where people benefit from their talents by selling their artistic works both locally and in the international markets. This greatly helps in sourcing funding both to the artist and the government in form of revenue. (Klamer,2008)
In the context of economic development, the concentration of the cultural businesses and the creative artists in the same geographical area stimulates the spirit of competition which enables the artists to think and come up with unique products and services in order to reduce the competition in the market of these items art. The concentration of the art markets in the same geographical location ensures that the market is not differentiated such that it enables the government to set the prices in an easy manner as well as enabling the collection of revenues by setting up their revenue collection points in such designated geographical areas. (Klamer,2008)
The concentration of the highly skilled workers in the same geographical location enables them to form constructive partnerships which enable them to do business together as well as expansion of their businesses to large enterprises. The formation of these partnerships may even transform to large companies and this helps in the development in the economy of a country because it will help in creation of job opportunities both to the artists and the owners of the companies through self-employment. These partnerships and companies led to the formation of a pool of professional artists which enables further development of more creative works which inurn help in expansion of the industries based on artistic works. The formation of these medium scale and large scale art industries contributes greatly to the revenue to the country in which they operate in form of taxes. This generally led to both economic growth and development of a given country and even globally since the industry is peaking globally.
The concentration of these industries therefore led to the specialization as well as innovation in enabling artists to have specialized skills in different aspects of art. The concentration of these arts industries enables the promotion of innovation and creativity which helps to come up with many and unique works of art. This has also facilitated easier and efficient marketing of the works of art therefore enabling the artists to sell their products without having to incur so many expenses with regard to marketing and promotion in the search for customers.
In relation to recognition of the recognition of arts and cultural assets is a crucial factor in the promotion of economic growth and development. The cultural and artistic assets include works of authorship like books or article, music or videos as well as films. The assets are of essence and they should be recognized in through awards and promotions in order to encourage the upcoming artists to come up with excellent works that can compete with the works of superstars and existing artists as way to promote competition. The recognition of art assets by awards and honors motivate the artists to produce the best works of arts, this creates a healthy competition which helps in the economic growth and development of a country or even the global economy through international music awards and concerts.
The recognition of cultural assets involves locating unique cultural aspects and helping these communities to develop their cultures and transform them to business by selling these cultural assets both locally and in the international markets. This recognition is constructive in that the communities will be able to benefit from the cultural aspect which could have not been useful to them. The local communities may even start curio shops to display their cultural items which may help them fetch good money from such by selling them both to the local people and foreigners. This helps the members of that culture to create extra income which in turn boost economic growth and development. The economic incentives will therefore boost the standards of living of the members of the community through the creation of extra income.
The government has also provided support to the upcoming artists in form of incubation centers that enables the talented people to come up with good and works of art. These incubation centers have the necessary facilities which create an enabling environment for the musicians and artists to develop their skills because they have access to the requisite facilities to develop songs and other works of art in an excellent way such that they can be globally accepted. The global acceptance of their works of arts will increase the market for their markets leading to enormous economic benefits both to the individual and the country in general. The artists are paid royalties when their songs are played in the radio stations and televisions all over the world by the countries in which the media stations are located. This wide source of income will boost the growth and development of a country.
In the context design and planning, the planners come up with unique designs which are of great use in the construction industry. These designs help in construction of unique houses and apartments which in turn fetch very high rewards and benefits to the investors because real estate is a booming business due to the increasing population with limited housing facilities. (Schiuma, 2011) The designers and planners therefore plays a great role in designing the construction building and roads where they are paid huge chunks of money for their designs and plans. This acts as a source of income to the designers therefore raising their standards of living and their general livelihood. The government will also earn both from the income of the designers and the taxes from the construction companies.
The development of buildings and the roads which are products of the designers helps in the economic growth and development. The income from the renting of the buildings helps greatly in boosting the standards of living of the owners of the real estates. The government also gains a lot in form of capital gains when the houses are sold by the owners .The development of real estate is generally a great contributor to the economic growth and development since it plays a major role in wealth creation.
The formation of team building by planners enables artists in the same economic clusters share the marketing costs as well as bargaining power in the market by creating avenues like websites to market their products online. When the artists forms these groups of the same interest they can easily be funded by the donors or the government in order to improve their works of art as well as marketing their products as a group.
Art of economic has major itself as a subject in an economically approach of the social sciences basing it on the ground of a systematic analysis of interactions between the financial institutions in existence and the people’s general behavior. The trends in the increase of the local production in the aspect of art have resulted to a positive contribution in the economy through adding in the short run. Art and culture are best-known have the capacity of genet rating a permanent growth in the economy. Art plays a main role in the State’s economy since it is able to create an avenue for jobs, while on the other hand generating tax income to the state and is of relevant significance in attraction of investment from both the local and international economy.
Consumer or clients and tourism are among the key elements in the process of stimulating the local economies, which because of the existence of efficient and effective art and culture practices. The tourist brings an economic benefit by them being drawn to cultural and art events and venues that in return spend their cash on such event and through lodging in their preferred hotel and having meals in the local restaurant. This industry normally referred to be a diverse one since it provides a wide range of benefits such include, infusing industries of the same a gender with necessary creative insight for all their goods and services, and equipping their laborers in getting into active participation in the labor force.( Schiuma, 2011)
The state helps in measuring of the creative economy by establishing a mapping of the culture and art asset. This facilitated by conducting an ongoing inventory of all the country assets and a specialized cluster analyses. Which are then to be used to devise the current growth and development strategies that are commonly consider to facilitate economic benefits of the industries, Using of such techniques makes a comprehensive summary of art values to the country and identifying the available new opportunities, and also making an awareness to the potential partner of art related economic development.
Setting in place strategies with an objectives of providing support for the sector of art and culture is enhance through establishing and putting in practice certain programs and initiatives formulated to promote economic development. Creative industries such as films, crafts, music, and culinary arts are identified for adoption of the set strategies to encourage faster growth of the economy. Art being a diverse field of study, it has fostered the economy through it engagement with craft marketing program that will assist the whole industry in creation on a viable and stable working environment for art entrepreneurs. Another basic relation between art and economy is illustrated by the role played by the nonprofit arts organization of offering educational services to enhance demand for arts knowledge and experiences. (Schiebler, 2009)
In conclusion, the relationship between arts and economics is an issue of great essence because it involves the development and promotion of human capital through creativity and innovation in the field of art. This has enabled the artists to improve their standards of living as well as growth and development in the economy of the both locally and globally. Artistic works like music have also played a great role in the entertainment industry which is well rewarding in the short term both to the artists in form of royalties as well as to the government in form of revenues which in turn help in economic growth and development. The government has also played a role in promotion of the works of art like music in order to boost the talents of the youth and the economic growth and development.
References
Colley, J. L. (2007). Principles of general management: The art and science of getting results across organizational boundaries. New Haven: Yale University Press.
Klamer, A. (2008). The value of culture: On the relationship between economics and arts. Amsterdam: Amsterdam University Press.
Schiebler, R. (2009). Schumpeter and Picasso: A lecture on the relationship between art and economics, delivered at the University of Hawai'i at Mānoa, Honolulu in January 1994. Wuppertal: Herakles.
Silverman, D. (2000). Van Gogh and Gauguin: The search for sacred art. New York: Farrar, Straus and Giroux.
Schiuma, G. (2011). The value of arts for business. Cambridge, UK: Cambridge University Press.
