Economists traditionally distinguish between three forms of capital: physical capital, human capital and natural capital. This paper proposes a fourth type of capital, cultural capital. An item of cultural capital is defined as an asset embodying cultural value. The paper considers usage of the term “cultural capital” in other discourses, notably sociology after Bourdieu, and contrasts these with the proposed usage in economics. The relationship between cultural and economic value, upon which the economic concept of cultural capital relies, is explored, and the possible implications of cultural capital for economic analysis discussed, including issues of growth, sustainability and investment appraisal. The paper concludes with some suggestions for further theoretical and empirical research. Copyright Kluwer Academic Publishers 1999
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- Stephen A. Woodbury, 1993. "Culture and Human Capital: Theory and Evidence or Theory Versus Evidence?," Book chapters authored by Upjohn Institute researchers, in: William Darity Jr. (ed.), Labor Economics: Problems Analyzing Labor Markets, pages 239-267 W.E. Upjohn Institute for Employment Research.
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- Barry R. Chiswick, 1983. "The Earnings and Human Capital of American Jews," Journal of Human Resources, University of Wisconsin Press, vol. 18(3), pages 313-336.
- Solow, Robert, 1993. "An almost practical step toward sustainability," Resources Policy, Elsevier, vol. 19(3), pages 162-172, September.
- Gray, H. Peter, 1996. "Culture and Economic Performance: Policy as an Intervening Variable," Journal of Comparative Economics, Elsevier, vol. 23(3), pages 278-291, December.
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