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A Pathway Forwards for the Social Capital Metaphor

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  • William McClain

Abstract

A major topic in economics is the analysis of a broad class of phenomena associated with interpersonal relationships, a topic that originally grew from theories of “social capital.” While the concept has been instrumental in bringing increased attention to social effects on economic outcomes, it has increasingly been replaced with approaches that consider instead networks and discrete interactions rather than aggregate measures of social capital. This has been an analytical improvement, but a great deal of work remains to bring empirical validity and relevancy to social network analysis. This paper presents two important approaches for achieving this, statistical analysis and agent-based modeling, and discusses their benefits, limitations, and complementary nature. Rather than waiting for either approach to achieve an ambiguous quality of maturity, integrating statistical analysis with simulation models of networks must begin now to push the frontiers of social network analysis forward.

Suggested Citation

  • William McClain, 2016. "A Pathway Forwards for the Social Capital Metaphor," Review of Social Economy, Taylor & Francis Journals, vol. 74(2), pages 109-128, June.
    • Handle: RePEc:taf:rsocec:v:74:y:2016:i:2:p:109-128
    DOI: 10.1080/00346764.2015.1089106
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    1. Kirschbaum, Charles, 2012. "Fields and Social Networks: Comparable Metaphors of Social Space?," Insper Working Papers wpe_298, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
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