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,...

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Main Authors:	Hamilton, Kirk, Helliwell, John, Woolcock, Michael
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
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 http://hdl.handle.net/10986/24624

id	okr-10986-24624
recordtype	oai_dc
spelling	okr-10986-246242021-04-23T14:04:23Z Social Capital, Trust, and Well-being in the Evaluation of Wealth Hamilton, Kirk Helliwell, John Woolcock, Michael 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 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. 2016-07-07T15:59:53Z 2016-07-07T15:59:53Z 2016-06 Working Paper http://documents.worldbank.org/curated/en/2016/06/26506107/social-capital-trust-well-being-evaluation-wealth http://hdl.handle.net/10986/24624 English en_US Policy Research Working Paper;No. 7707 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	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
spellingShingle	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 Hamilton, Kirk Helliwell, John Woolcock, Michael Social Capital, Trust, and Well-being in the Evaluation of Wealth
relation	Policy Research Working Paper;No. 7707
description	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.
format	Working Paper
author	Hamilton, Kirk Helliwell, John Woolcock, Michael
author_facet	Hamilton, Kirk Helliwell, John Woolcock, Michael
author_sort	Hamilton, Kirk
title	Social Capital, Trust, and Well-being in the Evaluation of Wealth
title_short	Social Capital, Trust, and Well-being in the Evaluation of Wealth
title_full	Social Capital, Trust, and Well-being in the Evaluation of Wealth
title_fullStr	Social Capital, Trust, and Well-being in the Evaluation of Wealth
title_full_unstemmed	Social Capital, Trust, and Well-being in the Evaluation of Wealth
title_sort	social capital, trust, and well-being in the evaluation of wealth
publisher	World Bank, Washington, DC
publishDate	2016
url	http://documents.worldbank.org/curated/en/2016/06/26506107/social-capital-trust-well-being-evaluation-wealth http://hdl.handle.net/10986/24624
_version_	1764457211498594304

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

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