Economically, art has been viewed as a resource, a commodity, a process, a secondary good, a technology, and as capital. The role of art as a producer of and storage for cultural capital has historically been the most important for society as a whole. Today, however, the general stock of cultural capital is declining. Other trends in the current information economy include a greater appreciatio...

We consider a neoclassical interpretation of Germany and Japan’s rapid postwar growth that relies on a catch-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production and investment, we are able to capture many of the key empirical properties of Germany and Japan’s postwar transitions, including persistently high but decl...

Studying the relation between equity market liberalization and imports of capital goods, we examine one channel through which international financial integration can promote growth. For the period 1980-1997, we find that after controlling for other policies and fundamentals, stock market liberalizations are associated with a significant increase in the share of imports of machinery and equipmen...

Urban economists have put forward the idea that cities that are culturally interesting tend to attract “the creative class” and, as a result, end up being economically successful. Yet it is still unclear how economic and cultural dynamics mutually influence each other. By contrast, that has been extensively studied in the case of individuals. Over decades, the French sociologist Pierre Bourdieu...

While there are abundant descriptions of socioeconomic inequalities in preventive health care, knowledge about the true mechanisms is still lacking. Recently, the role of cultural health capital in preventive health-care inequalities has been discussed theoretically. Given substantial analogies, we explore how our understanding of cultural health capital and preventive health-care inequalities ...

In recent years, it is becoming common to apply the metaphor of „economic bubble” to the description of certain phenomena in the academic field. The metaphor is generally used to refer to the difference between the expectable market value of the degree and the investments needed to receive it (see Deresiewicz 2011, Williams 2011, Wood 2011, Reynolds 2012). The analogy is with the economic pheno...