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Creativity Economy and a Crisis of the Economy? Coevolution of Knowledge, Innovation, and Creativity, and of the Knowledge Economy and Knowledge Society

Research paper by Igor N. Dubina, Elias G. Carayannis, David F. J. Campbell

Indexed on: 06 May '11Published on: 06 May '11Published in: Journal of the Knowledge Economy



Abstract

In this article, we define conceptually the “creativity economy” and suggest a model that interrelates creativity, knowledge, and innovation economies. The “creativity economy” surpasses earlier concepts of the “creative economy” (creative industries, creative occupations). We discuss patterns of a complex dialectic and cyclical interaction between phenomena of a crisis and creative and/or innovative activities. Economic growth stimulates investments in innovation that drive creativity and innovation, consequently resulting in further economic growth. However, at a certain level, creative and innovative activity may peak in context of the economic cycle, and the rate of economic growth could be slowing down again. If there is too much innovation, then this creates challenges in the sense of questioning the established structures, finally creating a need for developing new structures. Organizations, societies, economies, or systems can be more or less successful in doing so. There operates a coevolution between knowledge, innovation, and creativity on the one hand, and the knowledge economy and knowledge society on the other. The more advanced and mature a knowledge economy (creativity economy) and knowledge society (creativity society) are, the more knowledge, innovation, and creativity can be absorbed and are even being demanded for further progress.