Culture as a Bubble
Journal
Journal of Political Economy
ISSN
0022-3808
Type
journal article
Date Issued
1998-04
Author(s)
Abstract
This paper considers an overlapping generations growth model in which ‘‘culture'' is viewed as a public input in the production process of the labor efficiency units of future generations. Given the low appropriability of its beneficial effects, the market value of culture will be due to bubbles. I shall characterize the balanced growth paths associated with stationary rational bubbles on culture. Indeterminacy arises in the transition dynamics.
Language
English
HSG Classification
contribution to scientific community
HSG Profile Area
SEPS - Economic Policy
Refereed
Yes
Publisher
University of Chicago Press
Volume
106
Number
2
Start page
376
End page
394
Pages
19
Subject(s)
Eprints ID
222089