The popular use of the term ‘human capital’ is too narrow and will soon become redundant. It needs an overhaul. Here’s how to fix it.
If you’ve ever heard an economist talking about ‘human capital’, it’s more than likely they defined the term as the ‘skills and knowledge’ embodied in people, the result of ‘education and training.’
Is there a way to measure the impact of a country’s cultural policies overall, at a general, or ‘macro’, level?
Economic theory predicts that cultural policies will have an expansionary impact on the cultural sector (see Modelling the economic impacts of cultural policies). This article uses data from Australia and New Zealand to show the theory in action.
The article, published in Culture360 Magazine, uses data from Australia and New Zealand to compare trends in government cultural expenditure and cultural employment. The data reveal a remarkably strong correlation between cultural expenditure and employment in both countries: on both sides of the Tasman, as governments increased their financial commitment to culture, cultural employment grew.
The data are not only consistent with the predictions of Economic theory, they allude to a degree of cultural policy success in both countries.