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Economic growth and the arts: A macroeconomic study

Author

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  • Rawon Lee
  • KiHoon Hong
  • WoongJo Chang

Abstract

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.

Suggested Citation

  • Rawon Lee & KiHoon Hong & WoongJo Chang, 2020. "Economic growth and the arts: A macroeconomic study," Cogent Business & Management, Taylor & Francis Journals, vol. 7(1), pages 1807203-180, January.
    • Handle: RePEc:taf:oabmxx:v:7:y:2020:i:1:p:1807203
    DOI: 10.1080/23311975.2020.1807203
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