Abstract
This study examines the cross-sectional association of three value orientations (self-direction, achievement and power) and level of gross domestic product (GDP) in 289 NUTS regions. Regional value aggregates, drawn from Schwartz’s Human Value Scale included in the European Social Survey, are taken to indicate value-based human capital. Regression analysis shows that self-direction, indicating independent thought, action and creativity, is a strong predictor for regional GDP after controlling for standard control variables and spatial autocorrelation. Additionally, analysis implements welfare regimes as indicators of larger socio-historic frames and finds significant geographical variations within these frames regarding the relationship between prevailing value climate and level of economic performance. The study contrasts perspectives from economic geography and cultural studies to the literature on alternative definitions and measures for human capital and argues that a synthesis of these perspectives can enrich one’s understanding of the economic geography in Europe.
Highlights
Succeeding in a modern knowledge economy requires from an individual a wide set of skills, motivations and capabilities
This study examines the cross-sectional association of three value orientations and level of gross domestic product (GDP) in 289 NUTS regions
An insight from the new urban economics (NUE) would assume that the highest levels of gross domestic product (GDP) are found in areas with high population density and concentration of education-based human capital (Glaeser & Gottlieb, 2009; Glaeser, Ponzetto, & Tobio, 2014; Glaeser & Saiz, 2004). Inspired by this ongoing conceptual debate in the human capital literature, this study analyzes the spatial interdependence between the human values of ‘achievement’, ‘power’ and ‘self-direction’ and the level of economic performance including an extensive set of control variables and controlling for spatial autocorrelation
Summary
Succeeding in a modern knowledge economy requires from an individual a wide set of skills, motivations and capabilities. It implements regional aggregates of three different human values – ‘achievement’, ‘power’ and ‘self-direction’ – from the 6th round of the European Social Survey (ESS), as predictors for the level of economic performance in 289 NUTS regions in Europe.
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