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Growth and social capital: an evolutionary model

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  • Luca Correani

    ()

  • Fabio Di Dio

    ()

  • Giuseppe Garofalo

    ()

Abstract

In this paper, we analyze the role of cooperation between firms through a model of growth and social capital. In a growth model à la Solow we incorporate the set of resources that a relational network has at its disposals, as a distinct production factor, and thus examine its dissemination through evolutionary type processes in firm interactions. Dynamic analysis of the model demonstrates that cooperation is able to increase the productivity of factors, fostering a higher rate of growth in the long term. The most significant result is that scarcity of social capital can produce a general collapse of the economic system in areas in which long term growth is usually sustained by the learning by doing and spillover of knowledge phenomena. This conclusion leads to reconsider the role of local development economic policies that should concentrate on activities that promote repeated interaction between firms proven to be cooperative or that encourage the formation of technological consortia.

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File URL: http://hdl.handle.net/10.1007/s11135-010-9363-3
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Bibliographic Info

Article provided by Springer in its journal Quality & Quantity.

Volume (Year): 45 (2011)
Issue (Month): 1 (January)
Pages: 173-186

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Handle: RePEc:spr:qualqt:v:45:y:2011:i:1:p:173-186

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Web page: http://www.springer.com/economics/journal/11135

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Related research

Keywords: Economic growth; Social capital; Networks; Evolutionary games;

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  1. Antoci, Angelo & Sacco, Pier Luigi & Vanin, Paolo, 2004. "Social capital accumulation and the evolution of social partecipation," AICCON Working Papers, Associazione Italiana per la Cultura della Cooperazione e del Non Profit 5-2004, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
  2. Abigail Barr, 1995. "The missing factor: entrepreneurial networks, enterprises and economic growth in Ghana," Economics Series Working Papers WPS/1995-11, University of Oxford, Department of Economics.
  3. Martin, Philippe & Rogers, Carol Ann, 1995. "Stabilization Policy, Learning by Doing, and Economic Growth," CEPR Discussion Papers 1130, C.E.P.R. Discussion Papers.
  4. Vega-Redondo, Fernando, 2006. "Building up social capital in a changing world," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 30(11), pages 2305-2338, November.
  5. Fabio Sabatini, 2008. "Social Capital and the Quality of Economic Development," Kyklos, Wiley Blackwell, vol. 61(3), pages 466-499, 08.
  6. Chou, Yuan K., 2006. "Three simple models of social capital and economic growth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(5), pages 889-912, October.
  7. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 568, China Economics and Management Academy, Central University of Finance and Economics.
  8. Patrick Francois & Jan Zabojnik, 2005. "Trust, Social Capital, and Economic Development," Journal of the European Economic Association, MIT Press, MIT Press, vol. 3(1), pages 51-94, 03.
  9. Baumol, William J., 2001. "When is inter-firm coordination beneficial? The case of innovation," International Journal of Industrial Organization, Elsevier, Elsevier, vol. 19(5), pages 727-737, April.
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Cited by:
  1. Justyna Supińska, 2013. "Does human factor matter for economic growth? Determinants of economic growth process in CEE countries in light of spatial theory," Bank i Kredyt, National Bank of Poland, Economic Institute, vol. 44(5), pages 505-532.

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