Physical Capital, Human Capital, Natural Capital, Social Capital and Economic Growth Physical Capital, Human Capital, Natural Capital, Social Capital and Economic Growth

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Rapee Pholpanich Sompote Kunnoot

Abstract

Economic growth is created from demand for improvement of living conditions and servicesto increased human population. Factors for economic growth are accumulation of 4 types of capital which are complementary, comprising human capital, physical capital, social capital, and natural capital. Deficiency of any one can compromise economic growth and erodes supply of other types of capital. Abundance of human capital and natural capital is behind abundance of physical capital which drives economic growth. On the other hand, abundance of physical capital creates climate for accumulation of human capital and wise use of natural capital. Social capital is crucial for healthy economic transactions and wise use of natural capital which is behind sustainable economic growth.

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References

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