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Cultural economics is the branch of economics that studies the relation of culture to economic outcomes. Here, 'culture' is defined by shared beliefs and preferences of respective groups. Programmatic issues include whether and how much culture matters as to economic outcomes and what its relation is to institutions. [ 1 ]
Human development theory is a theory which uses ideas from different origins, such as ecology, sustainable development, feminism and welfare economics. It wants to avoid normative politics and is focused on how social capital and instructional capital can be deployed to optimize the overall value of human capital in an economy.
This theory modifies Marx's stages theory of development and focuses on the accelerated accumulation of capital, through the utilization of both domestic and international savings as a means of spurring investment, as the primary means of promoting economic growth and, thus, development. [5]
Developmentalism is an economic theory which states that the best way for less developed economies to develop is through fostering a strong and varied internal market and imposing high tariffs on imported goods.
[6] [7] Economic development can also be considered as a static theory that documents the state of an economy at a certain place. According to Schumpeter and Backhaus (2003), the changes in this equilibrium state documented in economic theory can only be caused by intervening factors coming from the outside. [8]
Berthold Frank Hoselitz (1913–1995) taught Economics and Social Science at the University of Chicago between 1945 and 1978. His analysis of the role of cultural and sociological factors in economic development was influential and contrasted to Chicago School models of self-interested maximizing behavior.
His book Economics and Culture (2001) has become a standard reference work in the field. In addition to the performing arts, Throsby's research and writing has covered the economic role of artists, the economics of public intervention in arts markets, cultural development, cultural policy, heritage issues, and sustainability of cultural processes.
An anthropological approach to economic processes allows us to critically examine the cultural biases inherent in the principles of modern economics. Anthropological linguistics is a related field that looks at the terms we use to describe economic relations and the ecologies they are set within. Many anthropological economists (or economic ...