Abstract
This paper presents a qualitative and quantitative system-dynamic modeling of the impact of social capital on economic growth. Social capital is the most problematic of all the concepts that determine progress. On a broad conceptual level, there is agreement about the importance of social capital, which has been used to explain differences in progress among nations with similar natural, human and physical capital. Recent research suggests that it is more important to include an explanation of the interaction of economic actors and their organization when measuring progress than to measure progress without the influence of social capital. The purpose of this paper is to develop a system-dynamic model of the impact of social capital on economic growth that will enable better understanding and management of social capital. In order to build a system dynamics model, the paper will: provide an analysis and overview of social capital and system dynamics; develop a system dynamics structural and mental-verbal model of the impact of social capital on economic growth; and develop a mathematical model of economic growth. This will provide a practical insight into the dynamic behavior of the observed system, i.e., analyzing economic growth and observing the mutual correlation between individual parameters. Keywords: social capital, economic growth, system dynamics, structural model
Highlights
The subject of this paper is qualitative and quantitative system dynamics modeling of the effects of social capital on economic growth
This paper presents a qualitative and quantitative system-dynamic modeling of the impact of social capital on economic growth
The purpose of this paper is to develop a systemdynamic model of the impact of social capital on economic growth that will enable better understanding and management of social capital
Summary
The subject of this paper is qualitative and quantitative system dynamics modeling of the effects of social capital on economic growth. Through an iterative process of structure identification, linkage, and simulation, a model is created that can explain the problematic behavior of a system and serve as a vehicle for policy development and testing strategies. Social capital is an important factor in economic growth, both directly and indirectly. 4. political - emphasizes the role of institutions, political and social norms in shaping human behavior. Social capital is the most problematic of all the concepts that determine progress. On a broad conceptual level, there is agreement about the importance of social capital, which has been used to explain differences in progress among nations with similar natural, human and physical capital
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