Abstract In this paper, we note the contrasting positions occupied by social and financial capital in state and federal education policy and compare their relative impacts on student learning. To make such a comparison, we analyzed data from a representative sample of Michigan’s elementary schools using multilevel structural equation modeling to examine the relationships among social capital, instructional expenditures, and student achievement. We found that the level of social capital characterizing schools was not a function of instructional expenditures. We also found that both social and financial capital had a positive and significant relationship with reading and mathematics student achievement. However, the effect of social capital was three and five times larger than that of financial capital on mathematics and reading, respectively. We discuss the implications of these findings for education policy and programs that might improve student learning by strengthening social relationships.

中文翻译：

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资源，学习和政策：社会和金融资本对学校学生学习的相对影响

摘要在本文中，我们注意到了社会和金融资本在州和联邦教育政策中所占的相对位置，并比较了它们对学生学习的相对影响。为了进行比较，我们使用多层结构方程模型分析了密歇根州小学代表性样本的数据，以检验社会资本，教学支出和学生成绩之间的关系。我们发现，表征学校的社会资本水平不是教学支出的函数。我们还发现，社会资本和金融资本都与阅读和数学学生的成就有着积极而显着的关系。然而，在数学和阅读方面，社会资本的影响分别是金融资本的三倍和五倍。