Economic growth and the arts: A macroeconomic study

Arts proponents frequently argue that the arts have a positive impact on the economy, yet this assertion is not supported by satisfactory statistical testing. Using the U.S. Gross Domestic Product (GDP) and National Arts Index (NAI), this study seeks to verify the contention that arts activities enh...

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Autores principales:	Rawon Lee, KiHoon Hong, WoongJo Chang
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2020
Materias:	economic growth arts economic impact gross domestic product national arts index gdp nai Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/a8380ef4a18f467398a7ed6a10260526
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id	oai:doaj.org-article:a8380ef4a18f467398a7ed6a10260526
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spelling	oai:doaj.org-article:a8380ef4a18f467398a7ed6a102605262021-12-02T18:23:58ZEconomic growth and the arts: A macroeconomic study2331-197510.1080/23311975.2020.1807203https://doaj.org/article/a8380ef4a18f467398a7ed6a102605262020-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2020.1807203https://doaj.org/toc/2331-1975Arts proponents frequently argue that the arts have a positive impact on the economy, yet this assertion is not supported by satisfactory statistical testing. Using the U.S. Gross Domestic Product (GDP) and National Arts Index (NAI), this study seeks to verify the contention that arts activities enhance economic growth. The test results signify, at the national level, a positive correlation between arts activities and economic growth in the U.S. between 2002 and 2013. However, the results do not yield strong statistical evidence for a causal relationship between GDP and NAI during the same time period. These findings do not necessarily invalidate the economic impact argument, but they do align with a call for further inquiry into the economic impact of the arts as expressed by other scholars. This study includes an overview of the development of the arts’ economic impact argument as well as a discussion of ancillary research implications in the concluding section.Rawon LeeKiHoon HongWoongJo ChangTaylor & Francis Grouparticleeconomic growthartseconomic impactgross domestic productnational arts indexgdpnaiBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 7, Iss 1 (2020)
institution	DOAJ
collection	DOAJ
language	EN
topic	economic growth arts economic impact gross domestic product national arts index gdp nai Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	economic growth arts economic impact gross domestic product national arts index gdp nai Business HF5001-6182 Management. Industrial management HD28-70 Rawon Lee KiHoon Hong WoongJo Chang Economic growth and the arts: A macroeconomic study
description	Arts proponents frequently argue that the arts have a positive impact on the economy, yet this assertion is not supported by satisfactory statistical testing. Using the U.S. Gross Domestic Product (GDP) and National Arts Index (NAI), this study seeks to verify the contention that arts activities enhance economic growth. The test results signify, at the national level, a positive correlation between arts activities and economic growth in the U.S. between 2002 and 2013. However, the results do not yield strong statistical evidence for a causal relationship between GDP and NAI during the same time period. These findings do not necessarily invalidate the economic impact argument, but they do align with a call for further inquiry into the economic impact of the arts as expressed by other scholars. This study includes an overview of the development of the arts’ economic impact argument as well as a discussion of ancillary research implications in the concluding section.
format	article
author	Rawon Lee KiHoon Hong WoongJo Chang
author_facet	Rawon Lee KiHoon Hong WoongJo Chang
author_sort	Rawon Lee
title	Economic growth and the arts: A macroeconomic study
title_short	Economic growth and the arts: A macroeconomic study
title_full	Economic growth and the arts: A macroeconomic study
title_fullStr	Economic growth and the arts: A macroeconomic study
title_full_unstemmed	Economic growth and the arts: A macroeconomic study
title_sort	economic growth and the arts: a macroeconomic study
publisher	Taylor & Francis Group
publishDate	2020
url	https://doaj.org/article/a8380ef4a18f467398a7ed6a10260526
work_keys_str_mv	AT rawonlee economicgrowthandtheartsamacroeconomicstudy AT kihoonhong economicgrowthandtheartsamacroeconomicstudy AT woongjochang economicgrowthandtheartsamacroeconomicstudy
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Economic growth and the arts: A macroeconomic study

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