Social Capital, Trust, and Well-being in the Evaluation of Wealth

This paper combines theory with data from different domains to provide an empirical analysis of the scale and variability of social capital as wealth. The analysis is used to argue, given what has been learned from the literature on social capital, that the welfare returns to investing in trust could be substantial. Using data from 132 nations covered by the Gallup World Poll, the paper presents a range of estimates of the wealth-equivalent values of social trust. Such values are usually not included in national or global accounts of income and wealth. In the light of the estimated importance of social trust as a component of wealth and well-being, the paper concludes with some policy options for how social trust might be better built and sustained.

Bibliographic Details

Main Authors:	Hamilton, Kirk, Helliwell, John, Woolcock, Michael
Format:	Working Paper biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2016-06
Subjects:	UNEMPLOYMENT, PHYSICAL CAPITAL, SOCIAL NORMS, CONSUMPTION, EXTERNAL, HUMAN CAPITAL, MOTIVATION, ECONOMIC GROWTH, ASSET VALUE, PRODUCTION, ECONOMIC PERFORMANCE, CAPITAL, POLICIES, POLITICS, VALUATION, INCOME, INTEREST, VALUE, WAGE RATES, BANK, INTEREST RATE, DISCOUNT RATE, STRATEGIES, POLITICIANS, GDP PER CAPITA, INFORMATION, UTILITY FUNCTION, SERVICES, MARGINAL BENEFITS, ASSET, MARGINAL PRODUCT, CIVIC CULTURE, PORTFOLIO, EXPENDITURES, WELFARE, OPTIMIZATION, EFFECTS, LABOR RELATIONS, VARIABLES, MEASUREMENT, STATEMENT, PRICING, AFFILIATED ORGANIZATIONS, INPUTS, ECONOMIC THEORY, COMPENSATING WAGE DIFFERENTIALS, RETURNS TO SCALE, SUSTAINABLE DEVELOPMENT, WEALTH, SAVING, PRODUCTION FUNCTION, ECONOMICS, CLOSED ECONOMY, TRENDS, SOCIAL CAPITAL, PRESENT VALUE, INSTITUTIONS, PUBLIC POLICY, GDP, GOODS, LAND, THEORY, INFLUENCE, WORKING CONDITIONS, INVESTMENT, MARKET EQUILIBRIUM, POSITIVE EXTERNALITIES, RENT, AFFILIATED, ECONOMIC COOPERATION, CONSTANT RETURNS TO SCALE, WAGE DIFFERENTIALS, DEMOCRACY, EXTERNALITIES, UNEMPLOYED, MIGRATION, TRUST, ORGANIZATIONS, COMMUNITY, STAGFLATION, ACCUMULATION, LABOR, OUTCOMES, GOVERNMENTS, MARGINAL UTILITY, UTILITY, NATURAL RESOURCES, AVERAGING, ECONOMIC RESEARCH, MARGINAL VALUE, DEVELOPMENT POLICY,
Online Access:	http://documents.worldbank.org/curated/en/2016/06/26506107/social-capital-trust-well-being-evaluation-wealth https://hdl.handle.net/10986/24624
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