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Social capital, product imitation and growth with learning externalities

Author

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  • Agenor, Pierre-Richard
  • Dinh, Hinh T.

Abstract

Links between social capital, human capital, and product imitation are studied in an overlapping generations model of endogenous growth where the key benefit of social capital is to promote imitation. There is also a two-way interaction between imitation and human capital. Building social capital (which brings direct utility) requires time. Because life expectancy is endogenously related to human capital, time allocation between market work and social capital accumulation is also endogenously determined. Social capital accumulation depends also on access to infrastructure. The model is calibrated numerically for a low-income country. A policy that helps to promote social capital accumulation may be very effective to foster economic growth, even if it involves offsetting cuts in other productive components of government spending, such as education outlays or infrastructure investment. Offsetting cuts in infrastructure investment, however, may be less effective.

Suggested Citation

  • Agenor, Pierre-Richard & Dinh, Hinh T., 2013. "Social capital, product imitation and growth with learning externalities," Policy Research Working Paper Series 6607, The World Bank.
  • Handle: RePEc:wbk:wbrwps:6607
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    References listed on IDEAS

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    1. Dinopoulos, Elias & Thompson, Peter, 2000. "Endogenous growth in a cross-section of countries," Journal of International Economics, Elsevier, vol. 51(2), pages 335-362, August.
    2. Era Dabla-Norris & Jim Brumby & Annette Kyobe & Zac Mills & Chris Papageorgiou, 2012. "Investing in public investment: an index of public investment efficiency," Journal of Economic Growth, Springer, vol. 17(3), pages 235-266, September.
    3. Ishise, Hirokazu & Sawada, Yasuyuki, 2009. "Aggregate returns to social capital: Estimates based on the augmented augmented-Solow model," Journal of Macroeconomics, Elsevier, pages 376-393.
    4. Marcel Fafchamps, 2006. "Development and social capital," Journal of Development Studies, Taylor & Francis Journals, vol. 42(7), pages 1180-1198.
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    Cited by:

    1. Agénor, Pierre-Richard & Neanidis, Kyriakos C., 2015. "Innovation, public capital, and growth," Journal of Macroeconomics, Elsevier, pages 252-275.
    2. Pierre-Richard Agénor, 2016. "Aid Volatility, Human Capital, and Growth," Centre for Growth and Business Cycle Research Discussion Paper Series 219, Economics, The Univeristy of Manchester.

    More about this item

    Keywords

    Political Economy; Economic Theory&Research; Debt Markets; Social Capital; Emerging Markets;

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