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Cultural heritage: A fusion of human skill capital and social capital

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Author Info
M.N. Murthy () (Instittue of Economic Growth)
Sucheta Murthy (Miranda House College, Delhi University)
Abstract

This paper attempts to show that the cultural heritage is a capital good and it is a fusion of human skill capital and social capital. While the role of human skill capital in economic development is well known, the definition and the role of social capital has not yet clearly understood. Heritage capital consisting of performing and visual arts has public good characteristics. In addition the visual arts are subjected to cost disadvantage in the free market because of rigid input output relationships in its production in comparison to the manufacturing goods. There is a need for public subsidy to visual arts and the conservation of built heritage by non- market institutions including government. Unlike physical capital, heritage capital appreciates as one uses it. A brief review of history of art and culture in India shows that the cultural heritage is a dynamic phenomenon growing and changing its structure over time.

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Paper provided by Institute of Economic Growth, Delhi, India in its series Institute of Economic Growth, Delhi Discussion Papers with number 60.

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Length: 22 pages
Date of creation: Nov 2002
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Handle: RePEc:ind:iegddp:60

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  1. Joel Sobel, 2002. "Can We Trust Social Capital?," Journal of Economic Literature, American Economic Association, vol. 40(1), pages 139-154, March. [Downloadable!] (restricted)
  2. Barbara Piazza-Georgi, 2002. "The role of human and social capital in growth: extending our understanding," Cambridge Journal of Economics, Oxford University Press, vol. 26(4), pages 461-479, July.
  3. North, Douglass C, 1991. "Institutions," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 97-112, Winter. [Downloadable!] (restricted)
  4. Arrow, Kenneth J & Fisher, Anthony C, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, MIT Press, vol. 88(2), pages 312-19, May. [Downloadable!] (restricted)
  5. M. Murty, 1994. "Management of common property resources: Limits to voluntary collective action," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 4(6), pages 581-594, December. [Downloadable!] (restricted)
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