Social Capital, Inequality, and Economic Growth
This paper analyzes a heterogeneous-agents OLG model incorporating both endogenous growth and social capital. An individual can either become an active part of the society's networks of trust and mutual cooperation, thus making a positive contribution to overall social capital, or stay socially disintegrated and free-ride on the community's social capital. In the modelled economy, aggregate output and economy-wide human capital and consumption all grow at the average rate of individual human-capital accumulation. An increase in inequality depresses the community's social capital, which in turn lowers the economy's growth rate.
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Volume (Year): 160 (2004)
Issue (Month): 4 (December)
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