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The place of social capital in understanding social and economic outcomes. Canadian Journal of Policy Research
| Citations: | 167 - 1 self |
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@MISC{Woolcock_theplace,
author = {Michael Woolcock},
title = {The place of social capital in understanding social and economic outcomes. Canadian Journal of Policy Research},
year = {}
}
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Abstract
It is hardly possible to overrate the value...of placing human beings in contact with persons dissimilar to themselves, and with modes of thought and action unlike those with which they are familiar... Such communication has always been, and is peculiarly in the present age, one of the primary sources of progress. John Stuart Mill This paper provides a brief introduction to the recent theoretical and empirical literature on social capital as it pertains to economic development issues, with a particular focus on its significance for OECD countries. In so doing it seeks to address three specific questions: (1) How are social capital, human capital, and social capability related to one another?; (2) How can social capital be measured?; and (3) How might existing economic growth models give more adequate attention to social capital? The paper proceeds as follows. I begin by examining the remarkable resurgence of interest in the social dimensions of development in general, and the idea of social capital in particular. This is followed by a basic primer on social capital and a brief survey of the empirical evidence in support of key hypotheses pertaining to economic development, especially the relationship between informal and formal institutions and their collective capacity to manage risk. Next, I provide a response to several of the criticisms leveled at social capital. I then explore the implications of a general theory of social capital for economic growth and well-being
Keyphrases
social capital policy research economic outcome canadian journal empirical literature social dimension economic growth model key hypothesis economic development oecd country primary source basic primer human capital general theory adequate attention particular focus empirical evidence brief survey social capability remarkable resurgence collective capacity human being brief introduction john stuart mill formal institution present age specific question economic growth paper proceeds economic development issue
