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A Two-sector model of economic growth with social capital accumulation

Antoci, Angelo and Guerrini, Luca and Sodini, Mauro and Zarri, Luca (2014) A Two-sector model of economic growth with social capital accumulation. Journal of behavioral and experimental economics, Vol. 53 , p. 56-65. ISSN 2214-8043. eISSN 2214-8051. Article.

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DOI: 10.1016/j.socec.2014.08.002

Abstract

In this paper we analyze a two-sector growth model in which the utility function is not additively separablein consumption and “quality leisure time”. Differently from the main body of theoretical literature onquality leisure, we assume that the “productivity” of leisure is not determined by the stock of humancapital but instead by the quality of social environment, which in turn depends on the joint action ofthe economy-wide average leisure and of the stock of social capital. In this context we show that thetime evolution of social capital may exhibit an inverted-U shaped path, according to which the stock ofsocial capital, initially increasing, becomes definitively decreasing. This result is consistent with severalempirical studies about the time evolution of social capital in industrialized economies (see e.g. Robert Putnam, 1995, 2000). Furthermore, we show that the inverted-U shaped evolution of the stock of socialcapital can be observed only if the balanced growth path is locally indeterminate.

Item Type:Article
ID Code:10638
Status:Published
Refereed:Yes
Uncontrolled Keywords:Economic growth, social capital, quality leisure, local indeterminacy of equilibrium, selection
Subjects:Area 13 - Scienze economiche e statistiche > SECS-S/06 Metodi matematici dell'economia e delle scienze attuariali e finanziarie
Divisions:001 Università di Sassari > 01-a Nuovi Dipartimenti dal 2012 > Scienze economiche e aziendali
Publisher:Elsevier
ISSN:2214-8043
eISSN:2214-8051
Deposited On:16 Jan 2015 14:26

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