Incorporating Social Capital into the Austrian Business Cycle Theory

D’Amico Daniel J. ()
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D’Amico Daniel J.: Department of Economics, Brown University, The Political Theory Project Brown University, 2005 8 Fones Alley, Providence, Rhode Island 02912USA

Journal of Business Valuation and Economic Loss Analysis, 2017, vol. 12, issue s1, 12

Abstract: This paper incorporates insights from social capital theory into the traditional Austrian business cycle theory (ABCT). Whereas in the standard Austrian narrative, recovery processes entail the reallocation of investment resources from more towards less-capital intensive industries, social capital may represent an alternative avenue for investment energies. Unique characteristics of social capital are surveyed and strategic opportunities for leveraging social capital by different decision maker types are explained. Recognizing social capital developments amidst business cycles helps to account for the long-term resilience and continual social progress of economic performance amidst increasingly interventionist central banking practices.

Date: 2017
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DOI: 10.1515/jbvela-2016-0015

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