Rationalizing predictably irrational choices: the social capital synthesis

Robison, Lindon J.; Oliver, Jeffrey R.

doi:10.1007/s00168-019-00945-8

Cited by 5 publications

(3 citation statements)

References 32 publications

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“…Social capital theory is also supposed to explain the terms and levels of commodities and relational good exchanges and the selection of exchange partners. Therefore, the test for the usefulness of social capital theory is determining whether it allows us to explain and understand exchanges beyond that provided by other theories, including neoclassical economics (Robison & Oliver, 2019).…”

Section: Social Capitalmentioning

confidence: 99%

“…And we call those they view with antipathy as objects of their cheap social capital. Cheap social capital relationships have been described as "strange bedfellows" or "marriages of convenience" (Robison & Oliver, 2019).…”

Section: Negative and Cheap Social Capitalmentioning

confidence: 99%

“…One reason for its popularity may be that its fuzzy definitions have facilitated its applications to research in diverse settings and disciplines (Portes, 1998). Another possible explanation for its popularity is that it provides an alternative to traditional economic theory that ignores relationships, emphasizes selfishness, and fails to explain many predictably irrational choices (Robison & Oliver, 2019). Finally, social capital may be popular because, like love and risk, it may be difficult to define but it is easy to recognize.…”

Section: Introductionmentioning

confidence: 99%

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The Cheap Side of Social Capital: Part 1

Robison¹

2023

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Important social capital definitions focus on relationships, how people are connected. Relationships depend on commonalities, what people share. Commonalities may be earned or inherited and include shared emotions. Empathy is an important shared emotion because it enables us to internalize each other's well-being, the motivation for important economic outcomes. This article supports the definition of social capital as the empathy one person or group has another person or group, the object(s) of their social capital. Because Adam Smith emphasized the importance of sympathy (what we now call empathy), we recognize him as contributing to the social capital definition supported here. Members of social capital-rich networks, compared to nonmembers, are more likely to produce and exchange relational goods (intangible signals that satisfy our socio-emotional needs). They are also more likely to exchange commodities (things that satisfy our physical needs) on preferential terms, more likely to cooperate, more likely to invest in public goods, more likely to support institutions, more likely to enjoy equal commodities incomes, more likely to limit negative externalities, and more likely to be happy. Social capital, however, has a dark side. It is that the benefits enjoyed by members of social capital-rich networks are often denied or not

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Section: Social Capitalmentioning

confidence: 99%

Section: Negative and Cheap Social Capitalmentioning

confidence: 99%