Theory of cultural capital: Productive use of an unproductive activity |
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Authors: | Sam-Ho Lee |
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Affiliation: | Department of Economics, Korea University, Seoul, South Korea |
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Abstract: | Cultural capital is the term suggested to explain the phenomena that seemingly productivity-irrelevant cultural activities may lead to better economic outcome for individuals. A simple model is proposed to explain the emergence of cultural capital. The cost of acquiring a cultural attribute plays a role in the emergence of cultural capital. The importance of cultural capital is compared between two groups distinguished by a natural attribute. The cultural capital in the economically worse-performing group is more elitist in the sense that a smaller proportion of individuals acquire it due to the higher attainment costs. Welfare implications are also investigated. |
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