Move over, green economy, the arts economy commands your attention. The National Endowment for the Arts (NEA) announced Friday that the U.S. Bureau of Economic Analysis will measure the contribution of the arts to GDP through the creation of an “Arts and Cultural Production Satellite Account” (ACPSA). The release explains:
The BEA satellite account reflects the NEA’s new research agenda, which has begun to look at ‘impact analysis,’ or how the arts affect various domains of human life, such as the economy, human development, science and technology, and education. Starting this year, the Arts and Cultural Production Satellite Account will identify and measure industries and commodities that involve creative or cultural engagement, or help bring creative and cultural goods and services to the public.
The findings will be published in 2014 in “The Survey of Current Business” publication, providing figures on output, direct and indirect employment, and value added to the economy through labor and capital related to “creative and cultural industries.” Arguably, the effects of investment in the arts go beyond factors easily quantified—the benefits of investment in creativity, entrepreneurship, novel problem-solving and innovation underpin virtually every other industry, and have been vital to the U.S.’ success.
Read the full press release here.
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The results will be released in 2014 in “The Study of Present Business” book, offering numbers on outcome, direct