A Research on the Contribution and Mechanism of Traditional Cultural Capital to Economic Growth in Shandong Province
Based on the relevant economic growth data in Shandong Province from 1993 to 2019,this paper incorporates traditional cultural capital into the economic growth framework with the help of Cobb-Douglas production function to explain the contribution and mechanism of traditional cultural capital to Shandong's economic growth from the long-term static and short-term dynamic perspectives respectively.The results show that traditional cultural capital has a significant promoting effect on Shandong's economic growth,and a long-term equilibrium relationship is maintained between traditional cultural capital and Shandong's economic growth.Among capital investment,an essential driver of Shandong's economic growth,traditional cultural capital specifically makes a significant contribution,which accounts for 36.3％per year on average.Such contribution made by traditional cultural capital accumulation to Shandong's economic growth is realized mainly through promoting physical capital and human capital accumulation.Therefore,while maintaining the stable economic growth in Shandong,efforts should be redoubled in exploring the connotation of traditional culture in Shandong,increasing the investment on traditional cultural capital,and formulating a sound and proper agenda for traditional culture development in order to promote the sustainable economic growth in Shandong Province.
traditional cultural capitaleconomic growthmechanism of actionthe VAR model
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