Smart endogenous growth: cultural capital and the creative use of skills

Abstract

We present an endogenous growth model that is based upon the interaction between human and cultural capital. We argue that the available endogenous growth models fail to take into account the full set of relevant factors that make endogenous growth possible, and that the missing entry is in fact cultural capital, through its effect on total factor productivity. We show that, within the context of the model, cultural investment has a positive impact on the growth rate and on income provided that the economy is sufficiently culture-intensive, and that this effect is further magnified the more total factor productivity is sensitive to the stock of cultural capital.

From Culture 1.0 to Culture 3.0: Three Socio-Technical Regimes of Social and Economic Value Creation through Culture, and Their Impact on European Cohesion Policies

“…Cultural participation may then be thought of as a driver of endogenous economic growth [112,113] in ways that are complementary to the extensively studied education-driven ones. Despite supporting evidence is still fragmentary, mainly due to lack of specific research, it may be interesting to consider a comparison between the rankings of EU countries in terms of their innovative capacity measured by the 2017 European Innovation Scoreboard metric [114], and of the Index of Cultural Practice as measured by the Eurobarometer [115] survey, the latest available source for this indicator.…”

Cultural impact on regional development: application of a PLS-PM model to Greece

“…On the opposite spectrum of modern explorations on the link between culture and development, the theoretical stream of literature seeks to delve in detail into the cultural bias in choice. This includes among others the internal order of preferences (Sen 1993), the role of distance and hedonic valuation mechanisms, especially for house pricing (Rosen 1974;Rose 1990), culture as a spatial sorting mechanism (Axelrod 1997), the classical Balassa-Samuelson effect on the cultural base in traded goods (Samuelson 1994), the wisdom of crowds' heterogeneity of ideas rationale suggested by Page and Toole (2010), the concept of risk taking and choice modelling (Arrow 1951) or more recent regional economics-oriented theoretical work such as Bucci et al (2014). Clearly, most of this theoretically filigree work remains mostly empirically weak.…”

Cultura, creatividad y disparidades territoriales: nuevas perspectivas de análisis

“…A su vez, la importancia otorgada en la actualidad a este sector está relacionada con las transformaciones sucedidas durante las últimas décadas en la economía productiva, donde se da una reorientación desde la industria manufacturera tradicional en favor del sector servicios, dando lugar a un nuevo paradigma productivo y tecnológico basado en la innovación y el conocimiento, y en el que la economía creativa es cauce de muchas de estas iniciativas, a la vez que fuente de nuevas posibilidades y necesidades de consumo. Como consecuencia, el sector cultural y creativo se constituye como un factor de competitividad y desarrollo económico (Markusen y Schrock, 2006; Cooke y Lazzeretti, 2008;Bucci et al, 2014;Cerisola, 2019b), donde los territorios encuentran nuevas oportunidades, dando lugar a una nueva fuente de disparidades espaciales quizás más acusada que para otros sectores (Méndez et al, 2012;Valdivia López, 2014;Boix et al, 2015).…”

“…A su vez, las amenidades culturales y un entorno cualificado, capaces de atraer el talento, hacen que el capital cultural tenga un impacto sobre la concentración y calidad del capital humano y, por tanto, sobre la capacidad de crecimiento económico (Falck et al, 2011;Backman y Nilsson, 2018). Junto a estos, debemos señalar también las externalidades positivas que presenta el capital cultural y creativo en el resto de sectores económicos (Markusen y Schrock, 2006), pues los vínculos que mantienen entre sí contribuyen a un incremento de la productividad total de los factores productivos (Bakhshi et al, 2008;Bucci et al, 2014;Tubadji, 2014).…”