000			03084cam a22004097 4500
001			w24533
003			NBER
005			20211020104550.0
006			m o d
007			cr cnu||||||||
008			210910s2018 mau fo 000 0 eng d
100	1		_aPonzetto, Giacomo A.M.
245	1	0	_aSocial Capital, Government Expenditures and Growth / _cGiacomo A.M. Ponzetto, Ugo Troiano.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2018.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w24533
500			_aApril 2018.
520	3		_aThis paper shows that social capital increases economic growth by raising government investment in human capital. We present a model of stochastic endogenous growth with imperfect political agency. Only some people correctly anticipate the future returns to current spending on public education. Greater social diffusion of information makes this knowledge more widespread among voters. As a result, we find it alleviates myopic political incentives to underinvest in human capital, and it helps the selection of politicians that ensure high productivity in public education. Through this mechanism, we show that social capital raises the equilibrium growth rate of output and reduces its volatility. We provide evidence consistent with the predictions of our model. Individuals with higher social capital are more informed about their government. Countries with higher social capital spend a higher share of output on public education.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aD72 - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior _2Journal of Economic Literature class.
690		7	_aD83 - Search • Learning • Information and Knowledge • Communication • Belief • Unawareness _2Journal of Economic Literature class.
690		7	_aH4 - Publicly Provided Goods _2Journal of Economic Literature class.
690		7	_aH52 - Government Expenditures and Education _2Journal of Economic Literature class.
690		7	_aI22 - Educational Finance • Financial Aid _2Journal of Economic Literature class.
690		7	_aI25 - Education and Economic Development _2Journal of Economic Literature class.
690		7	_aO43 - Institutions and Growth _2Journal of Economic Literature class.
690		7	_aZ13 - Economic Sociology • Economic Anthropology • Language • Social and Economic Stratification _2Journal of Economic Literature class.
700	1		_aTroiano, Ugo.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w24533.
856	4	0	_uhttps://www.nber.org/papers/w24533
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w24533
942			_2ddc _cW-PAPER
999			_c323589 _d282151