Endogenous growth,decline in social capital and expansion of market activities |
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| Affiliation: | 1. University of Siena, Italy;2. University of Trento, Via Inama 5, 38100 Trento, Italy;1. University of Toledo College of Pharmacy & Pharmaceutical Sciences, Toledo, OH 43614;2. Western University of Health Sciences College of Pharmacy, Pomona, CA 91766-1854;1. Department of Chemical Engineering, Faculty of Engineering, Universiti Teknologi PETRONAS, 32610 Bandar Seri Iskandar, Perak, Malaysia;2. School of Chemical Engineering, Engineering Campus, Universiti Sains Malaysia, 14300 Penang, Malaysia;1. College of Computer Science and Software Engineering, Shenzhen University, China;2. Institute of Artificial Intelligence, College of Computer Science, Zhejiang University, China;1. College of Computer and Information, Fujian Agriculture and Forestry University, Fuzhou 350002, China;2. School of Management and Economics, Beijing Institute of Technology, Beijing 100081, China;3. School of Business, Central South University, Changsha 410083, China;1. School of Information Science and Engineering, Shandong University, Jinan 250100, PR China;2. Computer Science Department, Rensselaer Polytechnic Institute, Troy, NY 12180, USA |
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| Abstract: | We model in an endogenous growth set-up the hypotheses that the expansion of market activities weakens social capital formation and that firms can invest in formal mechanisms of control and enforcement to substitute for social capital (trust, work ethics, honesty). The model shows that the economy tends to grow faster when it is relatively poorer in social capital and that perpetual growth can be consistent with the progressive erosion of social capital. These results may help to reconcile Putnam's claim that social capital has declined in the U.S. with the satisfactory growth performance of the U.S. over the same period. |
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