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Culture and human capital in a two-sector endogenous growth model

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  • Bucci, Alberto
  • Segre, Giovanna

Abstract

Recent literature in the field of cultural economics highlights a possible inversion in the usual causality relation (from economic growth to culture) and points out that culture may represent an important driver of economic growth. By viewing culture in line with Throsby's (2001) definition of cultural capital (i.e., an asset of tangible and intangible cultural expressions), in this article we analyze one possible channel through which culture may positively affect economic growth, namely the existence of a relationship of complementarity between cultural and human capital investments. Using a two-sector endogenous growth model, we find that in the long run a higher growth rate of real per-capita income can be attained the more cultural and human capital investments are complementary for each other in the process leading to agents' skill acquisition. We also analyze the conditions under which an increase of the cultural capital share in total GDP can be conducive to a rise of real per-capita income.

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Bibliographic Info

Article provided by Elsevier in its journal Research in Economics.

Volume (Year): 65 (2011)
Issue (Month): 4 (December)
Pages: 279-293

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Handle: RePEc:eee:reecon:v:65:y:2011:i:4:p:279-293

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Web page: http://www.elsevier.com/locate/inca/622941

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Keywords: Endogenous growth Culture Human capital Complementarities Externalities;

References

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Cited by:
  1. Wu, Jay, 2013. "Accumulated choices, cultural triangle and economic growth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 158-169.
  2. Petrakis, Panagiotis & Kostis, Pantelis, 2013. "Economic growth and cultural change," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 147-157.

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