Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/23623 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
Diskussionspapier No. 36
Verlag: 
Helmut-Schmidt-Universität - Universität der Bundeswehr Hamburg, Fächergruppe Volkswirtschaftslehre, Hamburg
Zusammenfassung: 
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.
Schlagwörter: 
Social Capital; Inequality ; Middle Class ; Economic Growth ; Distribution
JEL: 
O41
D3
Z13
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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