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MIDDLE-CLASS CONSENSUS, SOCIAL CAPITAL AND THE FUNDAMENTAL CAUSES OF ECONOMIC GROWTH AND DEVELOPMENT

STEFAN D. JOSTEN
경제연구소 (Hanyang Economic Research Institute)|2013.03|Journal of Economic Development|제38권 제1호|pp. 1-26|DOI 10.35866/caujed.2013.38.1.001

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키워드

InequalitySocial CapitalMiddle ClassEconomic GrowthDistribution
주제분류경제학

초록

This paper analyzes a heterogeneous-agents endogenous-growth model incorporating both transaction costs and social capital. An individual can either become an active part of the society’s middle-class networks of trust and mutual co-operation, thus making a positive contribution to overall social capital. Alternatively, the individual can stay socially disintegrated and free-ride on the community’s social capital. Due to the existence of asymmetric information, agents face a moral-hazard problem on the credit market which gives rise to transaction costs and can be alleviated by private, governmental or social governance structures. An increase in inequality and shrinking of the middle class depresses the community’s social capital, which, in turn, weakens the informal social governance system and increases economy-wide transaction costs. As a result a more unequal distribution lowers the economy’s growth rate

Abstract

This paper analyzes a heterogeneous-agents endogenous-growth model incorporating both transaction costs and social capital. An individual can either become an active part of the society’s middle-class networks of trust and mutual co-operation, thus making a positive contribution to overall social capital. Alternatively, the individual can stay socially disintegrated and free-ride on the community’s social capital. Due to the existence of asymmetric information, agents face a moral-hazard problem on the credit market which gives rise to transaction costs and can be alleviated by private, governmental or social governance structures. An increase in inequality and shrinking of the middle class depresses the community’s social capital, which, in turn, weakens the informal social governance system and increases economy-wide transaction costs. As a result a more unequal distribution lowers the economy’s growth rate

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