This paper is dedicated to the empirical exploration of the welfare effect of expectations and progress per se. Using ten waves of the Russian Longitudinal Monitoring Survey, a panel household survey rich in subjective variables, the analysis suggests that for a given total stock of...

We introduce social capital accumulation into a neoclassical model, showing how it differs from physical and human capital accumulation. We take the view that social capital is crucial to the enjoyment of socially provided goods and that it is mainly accumulated by means of participation to...

The concept of 'Pro-Poor Growth' has received wide currency in recent years. It has been provided with extra legitimacy with the UNDP Human Development Report 2005's special focus on its relevance to policies for poverty reduction. The International Poverty Centre of the UNDP at Brasilia has...