The importance of creative services firms in explaining the wealth of European regions

Abstract

This chapter shows the important impact that a specific set of services, those belonging to the creative industries, have on regional economic development and wealth generation. Creative industries are a set of knowledge-based activities focused on the generation of meaning, contents and aesthetic attributes through the use of creativity, skill and talent, and have the potential to create wealth from trade and intellectual property rights. A key hypothesis in this paper is that creative services firms are a “growth driver” that promotes wealth in the regions where they are located. This is due to the fact that firms in creative industries introduce new ideas that are subsequently transferred to other firms of the economy, increasing the output of the whole economy. The objective of the research is to provide causal evidence of the impact of creative services on regional wealth.