Munich Personal RePEc Archive

Equilibrium in Economic Development A Perspective of Social Capital

Shah, Syed Akhter Hussain and Shah, Tariq and Ahmad, Eatzaz (2011): Equilibrium in Economic Development A Perspective of Social Capital. Published in:

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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.

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