Theory of cultural capital: Productive use of an unproductive activity

Sam‐Ho Lee

Journal of Public Economic Theory, 2023, vol. 25, issue 2, 359-375

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.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bla:jpbect:v:25:y:2023:i:2:p:359-375

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