Social Capital within the Context of Business Theory Evolution
Schumpeter approves that the entrepreneurship the primary engine in economic development. Hayek and Kirzner emphasized the role of entrepreneurs acquiring and processing information. Drucker goes deep into classification of entrepreneurial opportunities and provides practical advice to entrepreneurs. Herbert and Link have identified three distinct intellectual traditions in the development of the entrepreneurship literature: l) The German Tradition, based on von Thuenen and Schumpeter; 2) The Chicago Tradition, based on Knight and Schultz; 3) The Austrian Tradition, based on von Mises, Kirzner and Shackle. The first models of measurement and an estimation of activity of the organizations concerned financial parameters. Edvinsson argues intellectual capital consist from human capital and structural capital. McElroy adds the social capital. In the contemporary academic literature, social capital is discussed in two related ways. The first, primarily associated with sociologists Burt, Lin, and Fortes, refers to the resources that individuals are able to procure by virtue of their relationships with other people. The second approach to social capital, one most closely associated with Putnam, refers to the nature and extent of one's involvement in various informal networks and formal civic organizations. In recent years, some scholars have suggested a third conceptual classification. Called "linking" social capital, this dimension refers to one's ties to people in positions of authority, such as representatives of public and private institutions.