Folklore as Tradition, Heritage and Profession

Folklore as a field of study and academic discipline was first recognized following the works of Johann Gottfried Herder in 1770s. The works of Herder, his collection of 'folktales' from German speaking regions is considered the base  for later folklore collections, such as those done by the Brothers Grimm and Charles Perrault. Although the discipline of folklore is now well established in various institutions across the Americas, Europe and Africa and Asia. This paper tries to understand folklore in relation with the concepts such as Tradition, Heritage and Profession. How folklore in this fast changing world represents the heritage, tradition, and profession of a community? Can folklore and its performance be appreciated for its inherent economic potential as a profession? The paper, through certain examples and observation, will try to understand the significance of these concepts and attempt to answer such questions