An Expanded Concept of Capital in Development Economics
The article focuses on the expanded concept of capital in development economics. It states that the word capital has been traditionally utilized in economics to refer to machines, buildings and physical infrastructure of an economy. It discusses that the expanded concept of capital includes five forms of capital, which are physical capital, human capital, technological know-how, institutional capital and social capital. It mentions that taken together, the five concepts provide a comprehensive framework that can be employed to appraise and advise the development process across societies.
World Economic Journal