Social Capital, Creative Destruction and Economic Growth
AbstractA distinction between individual and communal aspects of social capital is introduced, and their roles in production explored. Contacts are required to transact. contact formation and replacement are mediated by either market institutions or, less efficiently, by informal networks. Replacement of contacts is part of Schumpeterian creative destruction, leading to technological progress but with a negative externality. For output to increase, a "fundamental transformation" from informal to formal contact creation institutions is required. This may be blocked if political elite interests are threatened by the externality. Growth experiences in transition and developing countries are interpreted in this frameword.
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Bibliographic InfoPaper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0406.
Date of creation: Apr 2004
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Web page: http://www.univie.ac.at/vwl
Other versions of this item:
- Paul Frijters & Dirk Bezemer & Uwe Dulleck, 2004. "Social Capital, Creative Destruction and Economic Growth," Paul Frijters Discussion Papers 2004, School of Economics and Finance, Queensland University of Technology.
- Dirk J Bezemer & Uwe Dulleck & Paul Frijters, 2004. "Social Capital, Creative Destruction and Economic Growth," School of Economics and Finance Discussion Papers and Working Papers Series 186a, School of Economics and Finance, Queensland University of Technology.
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-01-23 (All new papers)
- NEP-DEV-2005-01-23 (Development)
- NEP-PKE-2004-06-02 (Post Keynesian Economics)
- NEP-POL-2005-01-23 (Positive Political Economics)
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