Economic Impact of Cultural Spending in European Countries

I provide, for the first time, an initial approach to explore the effects of cultural capital on economy growth. I use the growth accounting framework and the human development approach according to the theoretical framework of Herbertsson (2003) and Beraldo, Montolio and Turati (2009) for health and education expenditure and for the public expenditure in culture. To prove this I use the Bucci and Segre (2011) model, only the production side. For the definition of cultural capital I use that given by Throsby (2010) to construct my cultural capital, that is composed by the total public expenditure in culture and the number of museums.