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Unlocking potential of creative economy
The term “creative economy” has no agreed single definition.
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Past and present: Bale Kambang by artist Eko Prawoto is on display at an exhibition organized by the National Gallery of Indonesia at Bonaparte Dock and Museum aan de Stroom in Antwerp, Belgium, for the Europalia Arts Festival. (Indonesia National Gallery/Tom Van Ghent)
T
he term “creative economy” has no agreed single definition. Surely, the term is built upon two distinct concepts — creativity and economy. Speaking generally, “creativity” relates to the use of the imagination and ideas to create something, while “economy” refers to the process by which goods and services are be produced, distributed and consumed. These two concepts represent the two sides of the coin that make “creative economy”, the interplay between the production of human ideas, culture, and creativity and how they are consumed by the wider public.
It includes culture-based sectors such as performing arts, crafts, literature and other cultural industry sectors to advertising, media, design and all other problem-solving products of ideas, such as startups in the digital era, including services, software and app industries.
The creative economy is not only about creativity nor is it only about economy; it is a complex system between the production of cultural and symbolic goods and their dissemination and consumption.
Today, creative industries are among the most dynamic sectors in the world economy, regarded as an emerging high-growth area. Based on the latest data from the United Nations Conference on Trade and Development, international trade in creative industries showed sustained growth from 2003 (US$302 billion) to 2012 ($547 billion).
