The Artists

Image result for artists





My mother always told me I could become whatever I wanted to be... but preferably a doctor, lawyer, or engineer. Oh, and god forbid I become an ARTIST. The uncertainty of the profession of an artist, history has taught my parents, made my parents shake their heads in disapproval.

 In reality, the 'disapproving' art industry is more affluent than conventionally thought. In 2015, the art and culture sector generated $763.6 billion towards the American economy.  The art industry generated more money than agriculture, transportation, and warehousing industry. In the same year, the industry produced approximately 4.2% of the overall U.S. GDP, with roughly 4.9 million Americans working in it. Those employed collectively generated over $370 billion. From a global viewpoint, the art industry generates about 30 million jobs and $2.25 trillion annually. The presence of artists and what they create contribute immensely towards their communities.

 Society often sees people who dream of becoming artists as individuals who reach for an unattainable dream. Artists-- actors/actresses, painters, filmmakers, writers, etc-- face the social pressure to change their passions because the world often pushes the idea onto prosperous artists that the opportunity costs of becoming one outweigh the journey of becoming one. To those who don't believe in the future of the world of art, the monetary gain of a conventional job does not compare to the pursuit of the passion of the individual. But that goes the same for those who believe in their dreams and support people leaning towards the art profession. The utility of the pursing the dream outweigh the risk of not becoming 'successful'.

 That's the concept of opportunity cost! And that cost is subjective.
Sources:
https://www.artsy.net/article/artsy-editorial-arts-sector-contributed-7636-billion-economy-agriculture-transportation
https://yaleglobal.yale.edu/art-and-global-economy-0
http://www.artnews.com/2017/04/04/youve-gotta-see-this-artists-are-luring-their-peers-and-predecessors-out-of-obscurity-and-back-into-the-spotlight/

Comments

  1. AnonymousFebruary 25, 2019 at 8:22 AM

    Its super interesting to see the way risk vs. reward plays out when wanting to become an artist. I think it is comparable to the path of an entrepreneur... very tough to make it, but when you do you make it big or fade away fast. What I want to know is the lifespan of an artist or if he/she peaks then falls off shortly after.

    ReplyDelete

Post a Comment

Popular posts from this blog

How Did Nutella Take Over the Breakfast World?

Image
Everyone has heard of it, the delicious creamy breakfast spread, Nutella. However, what no one questions is how it became an overnight sensation that still continues to hold unwavering popularity. Nutella was originally created by Pietro Ferrero around 1946 and only did his son really help to bring it to the market in Europe eventually creating a craze in the United States. At Colombia University the undergrad students were so enamored with the spread that they were swiping tubs full from the dining hall costing the university as much as $5,000. Sales only truly started to pick up in the states when advertising began, making the sales triple to $240 million. Focusing its branding on a breakfast market by becoming one of the typical spread such as jam and butter to put on your bread. Then they were able to even reach a family status, that Nutella was a spread that could be enjoyed by your entire family, something that can be shared, but more importantly something that is sp
Read more

The Opportunity Costs of College

Image
The concept of opportunity costs has much more applications in the real world than I first imagined. The opportunity cost of one thing is the value of that which is sacrificed to obtain it. When I began to research I was stunned by the number of examples and situations, but the one that interested me the most was the opportunity cost of college. We are all about to go to college in just a couple months, so of course, I wanted to see if this upcoming journey is going to be worth it. The first cost of college: tuition. College is not cheap and according to the College Board, during the 2017-18 school year, the average cost of tuition and fees was $34,740 at private colleges. Now assume it takes you four years to graduate and that is approximately $140,000 that you spend on a college education. Thus, by deciding to go to a private college, the money spent is an opportunity cost as it is something that you did not have to spend if you didn't go to college. In addition, by going to
Read more

Movie Theater Popcorn

Image
The experience of watching a movie in theaters isn't replicable. There's the large screen, the comfy chairs, surround-sound systems, and most importantly, the popcorn. Yet, movie theater concession are notoriously overpriced. Why? A study conducted by Stanford and UC Santa Cruz found that the strategy of pricing concessions high and keeping tickets low attracts more customers within a larger income range. By charging less to allow consumers to watch movies on a big screen, more people (especially those that are price-sensitive) are able to enjoy this experience. The movie ticket is a primary product in relation to a theater's profit model, and the snacks are secondary products: you don't have to buy concessions to enjoy a movie, but it certainly ups the overall experience. Most theaters rely heavily on concession sales to keep themselves afloat. Due to low revenues from tickets (a portion of the profits go to movie distributers), profits from the sales of popcorn an
Read more