The present contribution proposes a simple model of private and social capital to study the relationship between economic growth and social development. We investigate whether these two processes move in the same direction or whether they conflict with each other, and show that both outcomes are possible, depending on the initial relative endowment of private and social capital, social technology, and the degree of individual impatience. These dynamics affect and are affected by the choice of time allocation between labour and social participation and by the choice of consumption of both private and relational goods. Taking all these aspects into account allows us to study in an articulated way the interplay between the private and social components of well-being.