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Equilibrium in Economic Development A Perspective of Social Capital

Author

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  • Shah, Syed Akhter Hussain
  • Shah, Tariq
  • Ahmad, Eatzaz

Abstract

Each system owns different resources which need to be prioritized for bringing economic equilibrium in the society. This study identifies equilibrium in economic development and its relationship with social capital. Inter temporal accumulation of social capital of certain quantum takes place when cycle of economic activities is started at different levels of the systems; individuals, group, organization and State. In each system different combinations of resource allocation in spending and welfare activities leads to level game. A number of level games emerge from these resource combinations in the four systems. Markov process makes it possible to observe whether the systems reach their respective equilibrium positions. Therefore Markov process validates equilibrium of spending and welfare in respect of social capital for each system.

Suggested Citation

  • Shah, Syed Akhter Hussain & Shah, Tariq & Ahmad, Eatzaz, 2011. "Equilibrium in Economic Development A Perspective of Social Capital," MPRA Paper 59294, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:59294
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    References listed on IDEAS

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    1. Syed Akhter Hussain Shah & Mahmood Khalid & tariq shah, 2006. "Convergence Model of Governance: A Case Study of the Local Government System of Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(4), pages 855-871.
    2. Joel Sobel, 2002. "Can We Trust Social Capital?," Journal of Economic Literature, American Economic Association, vol. 40(1), pages 139-154, March.
    3. Lindon J. Robison & Jan L. Flora, 2003. "The Social Capital Paradigm: Bridging across Disciplines," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(5), pages 1187-1193.
    4. Evans, Peter, 1996. "Government action, social capital and development: Reviewing the evidence on synergy," World Development, Elsevier, vol. 24(6), pages 1119-1132, June.
    5. Tariq Shah & Syed Akhter Hussain Shah & Eatzaz Ahmed, 2010. "Algebraic Representation of Social Capital Matrix," Microeconomics Working Papers 22724, East Asian Bureau of Economic Research.
    6. Emery N. Castle, 2003. "The Social Capital Paradigm: Bridging across Disciplines—An Overview," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(5), pages 1208-1210.
    7. James P. Johnson & M. Audrey Korsgaard & Harry J. Sapienza, 2002. "Abstract," Strategic Management Journal, Wiley Blackwell, vol. 23(12), pages 1141-1160, December.
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    Cited by:

    1. Syed Akther Hussain Shah & Tariq Shah & Mahmood Khalid, 2015. "Employment Strategy and Equitable Growth - A Social Capital Perspective for KPK," PIDE-Working Papers 2015:120, Pakistan Institute of Development Economics.
    2. Syed Sibghatullah Shah & Abdul Jalil & Syed Akhter Hussain Shah, 2020. "Growth Effects of Religion Dependent Social Capital: An Empirical Evidence," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 149(2), pages 423-443, June.
    3. Syed Akhtar Hussain Shah, 2020. "Pursuit of Ideal Strategy to Manage Pandemic: A Comparative Study of COVID 19 for USA, Italy, Spain, China, and Pakistan," PIDE-Working Papers 2020:17, Pakistan Institute of Development Economics.

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    More about this item

    Keywords

    Social capital (matrix); linear space; interactive systems; information flow; spending vector; vector of welfare indicator; social capital; markov process; equilibrium.;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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