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The Concept Of Social Capital In Economic Theory

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  • Slobodan Cvetanovic, Danijela Despotovic, Milorad Filipovic

    (University of Niš, Faculty of Economics, University of Kragujevac, Faculty of Economics, University of Belgrade, Faculty of Economics)

Abstract

Economic research at the turn of the century has been explicitly dealing with the social capital, as a special form of capital. It is a relatively new concept, which is why it is not surprising that there is no generally accepted term to denote this phenomenon. The social capital means the economic benefit of the society, which can be reached with the help of communication, cooperation, and trust among the entities in the given socio-economic environment. The social capital is most often regarded as the ability of social structures and attitudes that support them to increase the effectiveness of collective action. The social capital is a connective tissue, a glue that helps people to use available resources for creating mutual benefits. Its existence is a prerequisite for economic growth and development. The components of the social capital are social ties and networks that can be transformed into economic capital.

Suggested Citation

  • Slobodan Cvetanovic, Danijela Despotovic, Milorad Filipovic, 2015. "The Concept Of Social Capital In Economic Theory," Ekonomika, Journal for Economic Theory and Practice and Social Issues 2015-01, „Ekonomika“ Society of Economists, Niš (Serbia).
    • Handle: RePEc:esb:petprv:2015-106
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    More about this item

    Keywords

    capital; social capital; physical capital; natural capital; human capital;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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