Influence of social capital on economic growth

Abstract

Based on the scientific sources analysis it was revealed that social capital influences economic growth. The estimates and judgments made by scientists, especially economists, on this matter are ambiguous and diametrically opposed. There has been defined such positive economic effects of social capital as : transaction costs reduction; market failures prevention; compensating for the weakness in institutional environment of economic interactions; self-regulation in economy spheres; access to resources etc. The lack of relevance, correctness and validity in approaches to assess the social capital impacts on economic growth are the drawbacks of scientific papers examined by the author. It is revealed the need to determine the scientific rationale for the methodology on measuring social capital as an economic category, improving the terms of the social capital concept. It is determined that social capital is the social ground for economy and an effective mechanism for promotion of the economic growth.