The paper addresses the abundant literature on the creative city that has been generated following publication in 2002 of Richard Florida’s work on the creative class. In particular, it is maintained that the discussion should be based more on a robust social economic analysis of urban economies. The paper starts with a brief review of the polarized debate on the creative city in which either the optimist obsession with a new growth sector is stressed or there is a focus of attention on its negative impact on urban society. Building on the idea of cultural production as a reflexive economic activity and on three empirical vignettes about how culture, the economy and the city interact, it argues that cultural production is an adaptable activity which is, however, permanently forced into a state of adaptation. Urban space and society have an ambivalent role here. On the one hand, the city offers adaptability: on the other hand, however, because this is the case, it fosters the need for permanent adaptation.