How does popular culture affect the economy? Don Cusic and Gregory K. Faulk explored this issue in their article, “Popular Culture and the Economy.” Cusic had done a study back in 1995, he and Faulk decided to explore a little further into the issue.
A majority of their research came from the U.S. Department of Commerce. Its Bureau of Economic Analysis (BEA) and U.S. Census Bureau using the North American Industry Classification System (NAICS) helped defining the cultural products and services by categorizing them into sectors. The sectors are classified as Information, Arts, Entertainment and Recreation.
One of the disappointing aspects of the article is the some of the cultural products and services were not included in the study. In the Information sector, for example, computer gaming like software, gaming consoles and the like were not categorized. With popularity of computer gaming and software, you are missing a huge piece of economic pie. There was also missing data from the Arts, Entertainment and Recreation sector which did not give a complete picture of how popular culture impacted the economy. “Trends in popular culture spending reflect shifting tastes (2009)”. It was never really explained why certain categories were not included or why research was not done. I do not understand why research was not conducted to include these cultural products and services to a more solid picture of the popular culture and the economy.
They discussed in the article of how a majority of the cultural products in the Information sector are protected from being copied. The issue of piracy was not addressed and its impact on how dollars were lost. With the technology now to download and copy software, DVD’s, CD’s and the like I’m sure you could get an idea of how popular a movie or other product was based on downloads whether it was legal or illegal.
Because society changes its tastes in popular culture most companies in the Information sector are very diverse. Meaning they have their hands in multiple industries that produce or provide the cultural products and services. But it was not always like that until the government deregulated these companies and other actions taken by the Federal Communications Commission (FCC). So now these companies don’t have to have all their eggs in one basket. As these companies monitor the trends in popular culture, they can adjust their business strategies and marketing to make maximum profits.
After going over this article several times looking for substantial information, but coming up empty and disappointed at the content. I was expecting more information on trends and how society spent their money. I felt article was lacking in the popular culture department. Like I stated earlier about how the article did not give a complete picture of cultural products and services. I wanted to know where people were spending their money and where the change in tendency was going. I really felt this article was pointless towards popular culture. It was more aimed at business more than anything else. All in all it would have been more interesting to see what trends had peaked or what was popular based on product sales. I am actually wondering why this article was in a popular culture journal.
Cusic D. & Faulk G. (2009) Popular culture and the economy. The Journal of Popular Culture, 42(3) 458-479. DOI: 10.1111/jpcu.2009.42.issue-3


