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Bringing Culture to Macroeconomics

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  • Milton Marquis

Abstract

A two-sector dynamic general equilibrium model is constructed to examine the interaction between the cultural and noncultural sectors of the economy. It stresses three aspects of cultural economics that have been much discussed in the literature: (i) the productivity lag in the production of cultural goods, described by Baumol and Bowen ( 1996 ); (ii) the role of cultural capital in production; and (iii) the treatment of cultural goods as an acquired taste along the lines of Becker’s notion of positive rational addiction. The results suggest that the more significant the role played by cultural capital in the economy, the greater will be the growth rates of output in both sectors of the economy. The model is suggestive of future research into the importance of the macroeconomy on the cultural sector, and the potential importance of the cultural sector on the macroeconomy. Copyright International Atlantic Economic Society 2013

Suggested Citation

  • Milton Marquis, 2013. "Bringing Culture to Macroeconomics," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 41(3), pages 301-315, September.
    • Handle: RePEc:kap:atlecj:v:41:y:2013:i:3:p:301-315
    DOI: 10.1007/s11293-013-9377-z
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    References listed on IDEAS

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    1. Robert E. Lucas Jr. & Benjamin Moll, 2014. "Knowledge Growth and the Allocation of Time," Journal of Political Economy, University of Chicago Press, vol. 122(1), pages 1-51.
    2. Towse,Ruth, 2010. "A Textbook of Cultural Economics," Cambridge Books, Cambridge University Press, number 9780521888721, June.
    3. Anne-Kathrin Last & Heike Wetzel, 2011. "Baumol’s cost disease, efficiency, and productivity in the performing arts: an analysis of german public theaters," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 35(3), pages 185-201, August.
    4. James Heilbrun, 2001. "Empirical Evidence of a Decline in Repertory Diversity among American Opera Companies 1991/92 to 1997/98," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 25(1), pages 63-72, February.
    5. Towse,Ruth, 2010. "A Textbook of Cultural Economics," Cambridge Books, Cambridge University Press, number 9780521717021, June.
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    Keywords

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    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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