Yeah, it does, at least, I think. Poetry is the written art. And from what I've seen, it is usually associated as such in modern pop culture. I can't really say much about college degrees, but it would be cool if it was.
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I can't be everything to everyone. To thy own self be true. -Thea Vidale
Define "social purpose." Does exploring the themes of love and loss from a personal standpoint qualify as such? If not, given that the individual is the basic unit of society, why not? Or if the poet has nihilistic tendencies (he is morally skeptical, feels humanity is insignificant, etc.), would a "social purpose" view of poetry disqualify him as a poet because his views aren't really beneficial to society? (Of course, the poet in question would argue that such a utilitarian assessment of his work misses the point, and I would tend to agree.)
Y'should check out Martha Nussbaum's Poetic Justice. It's a defense of the potential for narrative to inform our ethical behaviors into reality. Actually I think it's fairly nonsensical, but it's certainly interesting.
Personally, I'm not sure if that's the right question. I think poetry, and all art for that matter, does have a social purpose. What I'm wondering is why. Why do people like to read poetry? Why does it have a social purpose?
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If not, has it ever done so?
Does it deserve to be a degree subject?
Should it do so?
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But can you prove that?