Social capital is broadly defined as “the information, trust, and norms of reciprocity inherent in one’s social networks” (Woolcock, 1998, p XXXXXXXXXXThere is a growing consensus that social capital...

Running Head: Economics        1
Economics         6
ECONOMICS
Table of contents
Introduction    3
Concept of economic development    3
Definition and measurement of the concepts    4
Strengths and weakness of the concepts    5
Conclusion    7
Introduction
    Social capital and economic development are interrelated. If social capital arises well then economic development will be there. Social networks arise in social capital. Economic development also becomes influenced by social networks. The norms of reciprocity and trustworthiness of social networks arise for social capitals which evewnt5ually lead to the economic development of a country. Social capital is responsible for any development in any country. It is the key to build and maintain democracy in the country. In this assignment, the concept of social capital and economic development and their relations, definitions, measurements, strengths and weakness of those concepts will be discussed.
Concept of social capital
The function of the social groups which is also effective is called social capital. It is done with the interpersonal relationship of the social groups. These groups are effective, share a sense of identity with each other. They also share with each other an understanding. They also share values and norms with each other. They have also trust, cooperation with each other. They also share reciprocity (Lin, 2017). These functions are responsible for social capital. Social capital is the connections with each other among individuals. The norms and laws of social network arise for social capital. It also has trust and reciprocity among them.
Concept of economic development
Economic development is a certain process by which the economy of a country will be developed, hiked and improved. Economic development helps to improve the economic well being of a country. The quality life of the people of the country becomes improved by economic development. The region and the life of the community will also be developed by economic development. Economic development is a policy which helps the nation for the well being of the people of it (Ahmed & Musa, 2019). Economic growth in the market helps to improve the par capita of the nation. It also hikes the GDP of the nation.
Definition and measurement of the concepts
Social capital is arisen by the interactions of human and social networks. The relationships between the persons and their effects on social networks are responsible for the arisen of social capital. The positive effects and impacts on social networks of human interactions produce social capital. The personal relationships among the employees in a company which builds trust and respect among also consider as social capital. The good bonding among the employees also leads the company to enhance productivity and improves the performance of the company. The interpersonal relationships of the employees with a particular group provides benefits to the employees as well as the company. This is called the advantage of social capital which helps the company to reach success. Social capital also helps to equalize the positions of the employees and different communities of people will be strengthened by this. The term social capital basically comprises of the social relationships of the coworkers of a company....