Social Capital,Transaction Costs and Economic Growth
Social capital,as an essential complement to traditional capital,should play a more significant role in promoting high-quality economic develop-ment.This paper constructs an endogenous economic growth model with social cap-ital,explores the impact of social capital on economic growth,and reveals the mechanism through which social capital promotes economic growth.The research findings indicate that,under the assumption of no endogenous technological growth with a growth rate of zero,the long-term economic growth rate is mainly determined by the growth rates of both social capital and physical capital.Market transaction costs are negatively related to the level of social capital,with higher levels of social capital effectively reducing market transaction costs.When facing external technolog-ical shocks,the changes in equilibrium growth rate and equilibrium transaction costs depend on the level of social capital,showing significant differences due to varying levels of social capital.The impact of social capital on transaction costs ex-hibits a"threshold effect."This paper innovatively constructs a dynamic evolution equation for social capital and analyzes the impact of social capital on economic growth based on endogenous technological growth,revealing the relationship be-tween social capital and economic growth,and enriching and improving the theoret-ical research on social capital and economic growth.
Social CapitalEndogenous Economic GrowthTransaction Costs
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维普
