The Speculist: The Creative Economy

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The Creative Economy

An interesting analysis at Cato Unbound:

In the past two and a half decades, this shift has taken us from the older industrial model to a new economic paradigm, where knowledge, innovation, and creativity are key. At the cutting edge of this shift is the creative sector of the economy: science and technology, art and design, culture and entertainment, and the knowledge-based professions.

The U.S. is at the forefront of this global creative economy. Over the next decade, it’s projected to add 10 million more creative sector jobs, according to the newest numbers from the Bureau of Labor Statistics. At the present rate of increase, creative jobs alone will soon eclipse the total number of jobs in all of manufacturing. Already, more than 40 million Americans work in the creative sector, which has grown by 20 million jobs since the 1980s. It accounts for more than $2 trillion USD—or nearly half—of all wages and salaries paid in the U.S.

I wonder how this shift in the economy relates to the often-cited drop in science and technical education in the US? Are we in danger of being left behind, or are we simply specializing in the non-technical areas within the creative economy?

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