Abstract
PurposeThe purpose of this paper is to provide a comprehensive concept for the role of culture in economic growth.Design/methodology/approachThe paper overviews the culture based development (CBD) concept and its precise definition of culture as an encompassing socio‐economic factor. The outlined CBD mechanism of impact is expressed in a testable empirical model. Alternative approaches for operationalizing the CBD definition of cultural capital are suggested and a real data application on intra‐regional level (for GermanKreise) is presented.FindingsThe findings illustrate the ability of the CBD model to capture the statistical significance of culture.Originality/valueThe paper demonstrates the two innovative elements of the CBD approach to culture: first, measuring culture with a factor variable as a better alternative to the mono‐dimensional variables inferred by the state of the art; and second, thus capturing the overall economic meaning of the cultural factor (not just one aspect of it) for local socio‐economic development.
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