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Social capital is a concept used in sociology and economics to define networks of relationships which are productive towards advancing the goals of individuals and groups. [1] [2] It involves the effective functioning of social groups through interpersonal relationships, a shared sense of identity, a shared understanding, shared norms, shared values, trust, cooperation, and reciprocity.
Social exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits. The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value. [1]
Cultural capital: the shared outlook, beliefs, knowledge, and skills that are passed between generations, which may in turn influence human capital. Human capital : the education and job training a person receives, and which contributes to the likelihood that one will acquire social capital.
In economics and accounting, the cost of capital is the cost of a company's funds (both debt and equity), or from an investor's point of view is "the required rate of return on a portfolio company's existing securities". [1] It is used to evaluate new projects of a company.
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...
Productivity must grow as population grows and capital must grow to feed into increased productivity. Investment of capital leads to returns on investment (ROI) and increased capital accumulation. The hypothesis that economic inequality is a necessary precondition for economic growth has been a mainstay of liberal economic theory.
Embodied cultural capital comprises the knowledge that is consciously acquired and passively inherited, by socialization to culture and tradition. Unlike property, cultural capital is not transmissible, but is acquired over time, as it is impressed upon the person's habitus (i.e., character and way of thinking), which, in turn, becomes more receptive to similar cultural influences.
[6] C. S. Fischer, a sociology professor from the University of California, gave a positive review. Although he criticized a few of Putnam's interpretations of the data and felt that "social capital " was an awkward metaphor, he nevertheless called it "a 10-pin strike, a major contribution to study of social networks and social cohesion" with ...