81665305 Culture and Economic Development - 1 Culture and Economic Development Name Course Institution Date 2 Culture and Economic Development Culture

81665305 Culture and Economic Development - 1 Culture and...

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1 Culture and Economic Development Name Course Institution Date
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2 Culture and Economic Development Culture is a term that has offered a wide range of importance in the modern setup. Economists on the other hand do not agree that culture and hence do not include it as a time that is precise. On the other hand, culture is not able to completely account for the model they attempt to define. This has made several economists to unwillingly accept culture as a residual element in their definitions. This residual role can be used to define is role in economic progress. Hence, there is little doubt that culture can incorporate economic growth, a notable gap in economic literature. This paper looks to fill this gap that the factors are from a wide range of social science setting, however, the most notable background are from the economic past (Kelley, and Amorόs, 2010, 45). There is no accident, as the sociologists and anthropologists have tried to create a connection between culture and economic progress, it has led to the extensive use of culture. Culture and Economic Growth The application of culture as a toll that is vital to make a clear understanding of what culture is, it has been described as a shared value and belief. Its benefits aligns with the manner the term is applied in sociology and anthropology. It also is sued as the element that supports economic theory of rational decision (Lugosi, et al. 2010, 3123). The tendency of the rational economic agent is defined by the goal one goes after. The goal may link to the person’s living status, the family life or the general wellbeing. Economic experts define the goal to be the utility role which the agent applies. Most of the economists are of the opinion that the agent’s goals are self-intended (Pinillos and Reyes 2011, 36). This restriction is not necessary for the theory, though when assessing culture from the economic point of view of human motivation, it is necessary to be aware that the rational agent will look to have their legitimate values.
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3 Culture is important in this modern day compared to before, it is necessary for cities and the modern societies. Culture is a complete economic sector that, compared to others, creates an urban growth that varies from direct and indirect spending to the creation of places of employment. Cultural industries are labor intensive, their company model is the network link of small producers rather than the supply chain pattern of other industries (Maxel, 2013, 186). Additionally, cultural creation is relative. Based on this, the major cities have the advantage of cultural production and consumption. The big towns offer perfect areas for experts and cultural leaders as well as the local economy to be successful, setting up a symbiotic link with culture. First culture leads to a major intangible economic impact. It has a soft role of animation and improvement of the quality of life which is necessary to make the city competitive. It motivates the locals to be creative and have the ability to innovate. New signs meanings and values are inputs to develop the production
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