|Posted by The Fourth Wall on July 30, 2013 at 5:50 PM|
posted by Neil
Starting tomorrow, the Commerce Department will count the creative process towards the nation's Gross Domestic Product. As reported in a New York Times article this week, the Bureau of Economic Analysis has revised the way it calculates so-called "intangibles" by including "research and development and the creation of what it calls 'entertainment, literary and other artistic originals.'”
It can be easy for anyone in creative lines of work to feel "off the grid" while pursuing artistic ambitions. The need to practice an instrument, for instance, doesn't follow the ups and downs of the stock market, chief economic indicators, or even the contours of economic recessions. (We don't exactly consult the Wall Street Journal to know when it's a good time to invest in minor scales, triple-tonguing, or legato playing.) Now, however, we have confirmation that the productivity of the practice room has been economically undervalued all along.
So do the hours spent practicing finally have financial significance? Not exactly. "Money generally needs to change hands for creative work to be considered an investment" and the work needs to have "enduring value." The production costs of albums and movies will finally be reflected in the big numbers, but no one will be logging our practice hours but ourselves.