Dynamics of Cumulative Culture with Microfoundation
Abstract: This paper presents a dynamics of cumulative culture by using the methodology of economic growth theory which similarly deals with the accumulation stemming from human activities. Two main results can be derived from the model we set. First, the steady-state value of cultural stock is not affected by its quality and evaluation. Second, the steady-state is almost stable in all transitional dynamics. These imply that only indirect intervention has the real effect on cultural stock which is especially related to acquisition cost, depreciation and creativity.