Northeastern University Cultural and Creative Sectors Discussion

Question Description

I’m working on a economics discussion question and need an explanation and answer to help me learn.

Now that we are at the conclusion of our class please reflect on the most important element of the course for you, a key take away, most significant learning, or what surprised you the most. And please tell us why this resonates with you and what you plan to do with in moving forward. We have three assignment: Media Paper: Select a media piece from the past 60 days which addresses some aspect of the arts/cultural/creative economy. Analyze very critically this piece in light of the readings and other materials in the course and come to a conclusion about the central theme of the article. Is it well founded? Does it make sense? How could it have been more informative or insightful. This paper is not to be a ‘plot summary’ of the article but rather an analysis of methods and conclusions with an eye to improvement. This is not intended to be a research piece, but a thoughtful analytical one employing critical thinking.Term paper: Select a major cultural event or project in your community, preferably one that is somewhat controversial, and provide an analyses of it in terms of the pros and cons of moving forward with it. Be sure to include all economic and non-economic arguments. The topic is up to you and feel free to be as inclusive and broad minded as you wish in selecting a topic.Cultural Economist Paper: Select one economist who has written substantially about the arts and summarize their writings and major contributions to the field. Please select a significant individual in the cultural economic community and discuss their contributions to the field. Select anyone you wish and write an analysis of a significant contribution they have made, why it is important and how it has worked in practice

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Cultural Economist Paper
William Baumol is widely regarded as the “inventor” of the notion of the cost sickness,
which paved the way for the study of cultural economics. “Baumol’s sickness,” a well-known
theory in cultural economics, or what was formerly known as “the Economics of the Arts,” has
been credited by Blaug with explaining many contemporary phenomena (Rekettye and Rekettye
Jr, 2019). One of Baumol’s best-known ideas, known as Baumol’s cost sickness or Baumol’s cost
disease, explains a great deal about our current society. 30 years ago, Baumol and Bowen’s (1966)
book may be considered to have developed it practically from scratch. While researching the arts
economy in the 1960s, Baumol made an interesting discovery: If a composition for string quartet
took four musicians the same length of time to execute in 1965 as in 1865, they were still earning
a lot of money, nevertheless. The reason for this was not difficult to discover. Increasing labor
productivity in other parts of the economy like manufacturing was pushing up wages.
Art organizations who demanded musicians be paid 1860s wages would find that their
musicians were regularly leaving to take other jobs in the 1960s economy (Rekettye and Rekettye
Jr, 2019). When it came to attracting and retaining top musicians, arts organizations had to raise
their salaries. Consequently, the rising cost of labor-intensive services like live musical
performances is unavoidable as a consequence of increased industrial efficiency. Manufacturers
can cut costs and raise wages through increasing productivity. In order to cover rising costs, music
venues are forced to raise ticket prices as employee wages rise (Jones, 2020). Despite the fact that
Baumol’s cost disease was named after him, he was aware that it had far-reaching consequences.
Because of the fast advancement of technology, it suggests that the prices of manufactured items
like as automobiles, cellphones, T-shirts and bananas would go down while the prices of laborintensive services such as education, health care, child care and haircuts will go up. This is not the
case.
In fact, this is precisely what the research suggests (Baumol, 2020):
For decades, health care and education have been costlier, while clothes, vehicles,
furniture, toys and other manufactured products have decreased in price compared to the total
inflation rate. Using Baumol’s cost disease is a strong way to analyze the current economic climate.
When it comes to education and health care, it shows that the growing expense of these services
does not mean the economy is breaking down (Jones, 2020). For the time being, we may anticipate
these low-productivity areas of the economy to become costlier until we have robot professors,
instructors, physicians, and nurses.
In the arts, there are several methods to “treat” or “alleviate” the cost sickness, according
to a number of individuals. In my mind, Baumol was absolutely correct. To save money, a pianist
may perform Beethoven’s string quartet, or the piece might be omitted entirely. Perhaps there aren’t
many people interested in Beethoven or Mozart’s quartets anyhow, so this would save money.
Many of the services that we identify with a better quality of life will become costlier as massproduced goods continue to fall in price, as predicted by Baumol in 1983. It’s just the nature of the
beast when it comes to healthcare costs. Changes of this kind will either be futile or detrimental.
According to Baumol, contrary to popular belief, art investment yields a real rate of return that is
very near to zero.
why was William Baumol work on Cultural economic important and how it has worked in
practice
In an economic sense that is. We might be here today if it weren’t for the bold efforts of
these economists (Baumol and Bowen 1966). Opportunity for All- We may assume that those who
spend money on the arts often have higher salaries than other members of society. However, the
less well-off frequently miss out on the chance to experience the arts and discover for themselves
the appeal of cultural activities. This issue is worsened by the high expenditures of live
performance, museum operation, and other cultural events, which need expensive entry rates. One
rationale for public assistance may be found if equal opportunity is incorporated in the assessment
of social welfare (Baumol, 2020). Culture as a Public Good Cultural activity typically have publicgood aspects, there’s no denying that. Since there’s no practical limit to the number of listeners
who may be provided without depleting supplies to others, this issue is especially severe in mass
media like radio. However, without government support, achieving a zero-price market is also
unachievable.
Using Baumol’s cost disease is a strong way to analyze the current economic landscape.
There is an implication in this that the growing expense of education and health care doesn’t always
imply that anything is wrong with those economic sectors. For a guy who has published more than
200 articles, Baumol is perhaps the most prolific economist (Baumol, 2020). He has interests in a
wide range of topics, including jazz musicians, the effects of terrorist activities, and works in
journals such as the American Philosophical Society and the Energy Law Journal.
References
Baumol, W. J. (2020). Application of welfare economics to the arts. In Handbook of Cultural
Economics, Third Edition. Edward Elgar Publishing.
Jones, R. A. (2020). Notes on a toy model of Baumol’s cost “disease”.
Klamer, A. (2016). The value-based approach to cultural economics. Journal of Cultural
Economics, 40(4), 365-373.
Rekettye, G., & Rekettye Jr, G. (2019). The effects of the digital revolution on costs and prices.
Economics of Digital Transformation, University of Rijeka, Faculty of Economics and
Business, 131-145.
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Cultural and Creative Sectors in Post COVID-19 Europe
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Introduction
The theme of culture shock is well explained in this media article. Since the COVID-19
epidemic reached Europe in spring 2020, the CCS industry has been one of the most badly
impacted. Economic and social conditions in the CCS have been badly harmed as a result of the
containment measures put in place throughout the EU. Venue- and visitor-based subsectors like
performing arts and heritage were particularly hard impacted by the economic downturn. Many
non-standard CCS workers, including artists, freelancers, and temporary employees, have been put
in a difficult situation by the crisis. In the midst of the crisis, European policymakers have taken
extraordinary steps to assist the CCS. Until the fall of 2020, the government’s primary emphasis
was on providing short-term assistance. Collecting groups and foundations, for example, are more
likely to provide their support to the CCS in exchange for innovation-related assistance.
There are measures in place to help the CCS, but the predicted losses of revenue exceed
them. As a result, emergency and relaunch support measures for the CCS did not adequately
address the CCS’s function in society as a whole (e.g., health and environmental, social cohesion,
international solidarity and economics) beyond the present digital potential. This problem
continues to have a significant influence on the CCS in 2021, but it also gives impetus for a variety
of sustainability-related initiatives that originated before or during the COVID-19 disaster. The
alternatives that have developed so far in the crisis provide a solid basis for continued development.
During the crisis, many CCS employees and groups have shown their ability to experiment
with various solutions, frequently with the help of new collaborators. In response to the
containment restrictions, many CCS organizations and freelancers shifted to new digital
distribution forms, learning valuable lessons that may be used going forward. Several coordinated
activities and initiatives in the CCS demonstrated a growing sectoral solidarity. Opportunities for
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CCS organizations and professionals to have a greater impact on citizen well-being, social
innovation, and social cohesion have been hastened by the crisis.
Is it well founded?
The cultural and creative industries have a significant economic impact and employ a
significant number of people. It is a catalyst for economic growth and helps to improve health,
education, and revitalization efforts in communities around the country. It also encourages
economic innovation. As a result, big cities often have the greatest percentage of workers whose
jobs are in jeopardy due to the outbreak. Events and their supply chains will be the most affected
by these developments. Firms and employees may not be well-served by pandemic policies that
are not tailored to the sector’s non-traditional organizational structure and job opportunities. The
arts and companies may also benefit from short-term financial help as part of larger recovery
packages and measures to rebuild local economies, in addition to the arts and businesses.
Does it make sense?
In recent years, the CCS has been heavily affected by Europe’s (and the world’s) digital
transformation. The fast development and deployment of digital ICT is putting a strain on the
creative industries, which are already dealing with the effects of a constantly changing
environment. The creative value chain is undergoing a radical shift. As a result of digital
technology, cultural and creative commodities are created, disseminated, consumed, and accessed
in new ways, which has a significant impact on industry innovation and access to new audiences.
Creators now have the ability to develop content at a cheaper cost, get access to new distribution
channels, and establish new income streams as a result.
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Distributors may also spread material for far less than the marginal costs associated with
conventional physical items. The recorded content businesses, especially those that depend on
physical distribution, have been badly impacted by piracy and sales losses, which have hampered
their development, reduced their income base, and so curtailed their ability to produce employment
and growth.
How could it have been more informative or insightful?
Emerging technologies like virtual and augmented reality have led to new kinds of cultural
diffusion and business models that have commercial potential when paired along with massive
digitization. A number of governmental and commercial providers placed material online for free
to keep viewers interested and meet a substantially increased demand for cultural content in the
wake of the shutdown. Many future breakthroughs have been made possible because of the free
and digitally mediated distribution of cultural information. The sector’s digital skills shortages and
poor internet access outside of large urban areas must be addressed if it is to take advantage of
these prospects. It should be kept in mind, however, that digital access does not replace a live
cultural experience or all of the associated employment.
Digital change in the cultural industry might be facilitated by COVID-19 crises, but it also
highlights and even contributes major inequities. Smaller organizations are losing out on digital
potential because they lack the resources to make their collections and materials available online.
For example, crafts museums tend to be smaller and have less money for digital technologies,
which might lead to a disturbing lack of variety in cultural and historical material. During the
lockout, many heritage actors in remote regions were unable to continue their work because they
lacked the essential digital capabilities. This left a significant hole in the cultural landscape.
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Reference
https://www.europarl.europa.eu/RegData/etudes/STUD/2021/652242/IPOL_STU(2021)652242_
EN.pdf
China Spring Festival
Introduction:
Festivals are a common attraction all over the world. Many nations depend on events to
bring residents and visitors to celebrate together. The China spring festival, which is also referred
to as Chinese New year or Lunar New year, is the chief Chinese festival with a seven-day
holiday. Moreover, it is the most colorful yearly event. During the period of this festival, the
country is dominated by loud fireworks, iconic red lanterns, massive parades, and banquets, and
it even triggers a lot of celebration all over the world. Unlike the common new year celebration
that happens on 1st January, the dates of this festival change as per the Chinese lunar calendar but
mainly occurs between 21st January and 20th February in the Gregorian calendar. Many
individuals in China take a minimum of seven days off work.
At times, millions of people travel several miles to celebrate with their loved ones. They
decorate their places with red denoting good luck, and kids are given gifts in bright red
envelopes. The most significant part of the celebration is the reunion dinner carried out on new
year’s eve when the extended family comes together around the table for meals. People wear new
clothes to signify the beginning of the novel year and novel hopes (Fan, 2021). They wear red as
red color in China represents new luck and is said to scare evil spirits and bad fortune. As per the
Commerce Ministry, individuals today use over 820 billion Yuan on dining and shopping during
this period (Ibekwe, 2021). The festival is the most important economic and social holiday for
many individuals all over the world. It is tied to the lunar-solar of the Chinese calendar, which
was initially seen as a period to honor heavenly and household duties and ancestors. The spring
festival has its advantages and disadvantages.
Pros of Moving Forward With the China Spring Festival
There are several advantages that are associated with continuing with China’s Spring
festival. The New Year festival benefits international merchants (Ibekwe, 2021). When the
festival is approaching, many Chinese customers have foreign products to consume during the
holiday, which brings profit to the merchants. Kaola data, a Chines cross-border e-commerce
platform, indicates that Australian boot sales, wine from French, Boston lobsters, Chilean
cherries increase towards the festival (Hoang, 2020).
The fame of importing goods just prior to the spring festival may be attributed to the
upgrading of consumption. The great demand of Chinese users brings the market to nations all
over the globe (Hu, 2019). People increase spending on drinks, food, and entertainment and
make the film industry in China busy. This contributes to boosting the nation’s economy.
Moreover, the increased travel when people are returning home to gather with their families
becomes busy for the air, road, and travel industry (Hoang, 2020). Millions of passengers travel
for celebrations. This celebration affects the stock market, factory production, and the economy.
The festival attracts visitors who use money which boosts China’s economy. They spend
on parking fees, food, beverages, admission fees, and many more. The celebration also gives
businesses free advertising and marketing as visitors talk of their experiences and fun on their
way home (Fan, 2021).
When visitors post photos and comments on social media platforms, they increase
revenue gain for these platforms. The festival is traditionally a crucial period for domestic gettogethers, but China has gotten successful, many wealthy Chinese opt traveling abroad. This
translates into global luxury products business. Many British stores, for instance, pull out all the
stops to attract mainland Chinese purchasers.
Moreover, the festival has historical and cultural significance and must keep on being
celebrated so as to keep memories. The celebration stemmed from a traditional battle against a
terrifying beast, the Nian, which not only attacked people but also ate children (Hoang, 2020).
The individuals used firecrackers and fireworks to chase away the beast. This tradition has gone
on until today, and it serves as a time to attain good luck.
Also, the celebration marks the beginning of the lunar new year. People are able to make
their new year resolutions this time and decide what they would want to start doing differently or
the changes they want to bring to their lives. In its earliest way, the festival was meant for
workers and farmers to rest from their long year labor and hence be ready to continue with work
later, well-rested and refreshed. Currently, this is not distinct, and everybody usually has a long
vacation to rest and gain power for the new year (Fan, 2021). Therefore, moving forward with
the festival is a way of giving the Chinese people a period to rest after hard work and gain more
energy to work in the new year to better the economy of the nation.
The China New Year festival is very essential as it is rooted so deep in history. Today, it
stays an excellent period for family generations to come together and utilize time as one. Since
many families may be separated due to their career choices, general urbanization, education, or
several other reasons, this celebration works as a prime opportunity for everybody to gather (Hu,
2019). The party is believed to be essential to guarantee good fortune for the year and has several
religious beliefs and traditions which create value.
The Lunar new year celebration as well helps in strengthening relationships and creating
new bonds and hence should be continued. Most relationship building happens in the phase of
planning the festival. During this period, many bonds among private and public organizations.,
neighborhood groups, and government are made. Connections among staff, elected officials,
interested residents, and volunteers are as well made. Assuming that everything proceeds well,
the payoff of relationship-building aids in boosting of the economy as when people understand
each other better, they are able to understand one another and work as one (Xiaofei, 2019).
People bring their collective skills and knowledge, and connections to a better society.
Regardless of the festival’s theme, it is bound to be instructional, and people learn from it.
Education is a benefit of this festival. People learn from one another as they interact.
Cons of Moving Forward With the China Spring Festival
Despite the festival positively impacting the global economy, it negatively affects the
Chinese economy. There is usually a factory freeze during the period. The factories in China shut
down all through the holiday with very many migrant employees moving to their home towns.
This is a piece of the globe’s most significant mass movement of persons (Ibekwe, 2021). The
holiday takes place for a week, but workers begin traveling even two weeks before the holiday.
This means a difficult time for exporters and retailers as shipping organizations warn that
networks are above capacity and tell to have the products on port at a minimum of two weeks
before the break to have an opportunity of getting to the boat prior to shutting down of the nation
(Xu et al., 2018). The holiday at times disrupts shipping and production schedules for even three
weeks or even more, considering the time of traveling back into China.
Many workers do not even get back to work at all (Hoang, 2020). This can cause even
more extended periods of production as factories strain to look for other workers. Because China
is an economic giant in the globe, the effects of the festival may ripple all over the world,
primarily for retailers and anybody who depends on Chinese imports.
The Lunar New Year is also associated with a quiet market. During the celebration, it is
not only mainland China that closes for a whole week but as well financial hubs like Singapore
and Hong Kong (Xu et al., 2018). Some other states like Indonesia, Vietnam, and Korea take
breaks too. Therefore, trading capacities considerably drop off for like three working days before
the beginning of the leave—investors from foreign nations as well slowdown in Asia as the
break nears.
The Lunar New Year celebration never occurs on the same days each year, and this
causes economic distortion. It plays disorder with China’s financial data at the beginning of the
year. Economists are careful; to avoid reading too much into the statistics of January and
February and prefer waiting until March to understand the trends lest they make wrong
interpretation of the world’s second-largest economy (Ibekwe, 2021). At times the festival begins
in January, and this means the activity becomes more compressed because factories rush to get
their orders out the door. At times it starts late, meaning factories have much time to labor on
their orders. There is the risk of estimating the data as this affects the countries which depend on
the market of China.
Moreover, during the China spring festival, there is a lot of commotion and crowding in
airports and railway stations as people travel. This is unhealthy as it may lead to discomfort and
the spread of airborne diseases (Fan, 2021). People spend too much traveling, buying clothes and
food and drinks to celebrate with their families, and face financial difficulties in the next few
months. People purchase things that they do not really require. Spending too much during this
festival is unnecessary. The overspending leads to damaged credit scores, poor mental health as
well as strained family life and relationships.
The streets are also spoilt by blooms, shade papers and materials are thrown everywhere
in the surrounding during the festival, which leads to contaminations. There are also disruptions
like noise pollution and car lights in the streets. This causes a lot of disruptions. The
overcrowding associated with this celebration may also cause injuries, such as people being
suffocated and crushed. The overcrowding leads to theft, litter, and hygiene issue. People like
sharing and eating food, but some are not hygienic and litter the environment.
Conclusion
China spring festival is the most significant Chinese festival that individuals celebrate
during the beginning of the year. Relatives meet, exchange gifts and make special foods, and
make good wishes to one another. The holiday denotes the start of the spring and the beginning
of the year as per the lunar calendar. The festival is important as it helps in boosting the economy
of the nation. People purchase clothing and foods at a very high rate, bringing economic value to
the country.
Moreover, the transport industry really earns through the increased number of travels into
China and out of China. Furthermore, the occasion helps people to bond and strengthen
relationships. However, the festival also has some cons like freezing of the economy during the
period of celebration. Many factories close, and some workers do not resume their workplaces
even after the festivities. Also, it is associated with overspending as some people buy things they
did not initially intend to purchase.
References
Fan, H. (2021). A Different Celebration. ChinAfrica.
Hoang, V. (2020). Chinese Lunar New Year: A Celebration of Culture.
Hu, M. (2019). Visualizing the largest annual human migration during the Spring Festival travel
season in China. Environment and Planning A: Economy and Space, 51(8), 1618-1621.
Ibekwe, C. A. (2021). The Spring Festival: A Window into Chinese Culture. JOURNAL OF
CHINESE & AFRICAN STUDIES (JOCAS), 1(1).
Xiaofei, D. (2019). Legends and Traditions of the Chinese Spring Festival. China Today.
Xu, G., Chen, Y., & Xu, L. (2018). Traditional Festivals. In Introduction to Chinese Culture (pp.
229-251). Palgrave Macmillan, Singapore.

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