Arbeitspapier

Middle-Class Consensus, Social Capital and the Mechanics of Economic Development

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 cooperation, 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.

Sprache
Englisch

Erschienen in
Series: Diskussionspapier ; No. 36

Klassifikation
Wirtschaft
One, Two, and Multisector Growth Models
Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
Thema
Social Capital; Inequality ; Middle Class ; Economic Growth ; Distribution
Entwicklung
Mittelstand
Social Capital
Neue Wachstumstheorie
Transaktionskosten
Theorie

Ereignis
Geistige Schöpfung
(wer)
Josten, Stefan Dietrich
Ereignis
Veröffentlichung
(wer)
Helmut-Schmidt-Universität - Universität der Bundeswehr Hamburg, Fächergruppe Volkswirtschaftslehre
(wo)
Hamburg
(wann)
2005

Handle
URN
urn:nbn:de:gbv:705-opus-16626
Letzte Aktualisierung
10.03.2025, 11:45 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Josten, Stefan Dietrich
  • Helmut-Schmidt-Universität - Universität der Bundeswehr Hamburg, Fächergruppe Volkswirtschaftslehre

Entstanden

  • 2005

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