Policy Paper (Interest) 11

Human capital, institutions and social capital are now all recognized as significant factors of growth. They have largely been studied separately, and although they present sufficient common characteristics to be conceptualized as one main category distinct from physical capital, it may still be more important to focus on the links among their specific subcategories. Direct links with income may be spurious, as there appears to be a “web of associations” between the subcategories, which would benefit from further empirical investigation.