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Network Effects in a Human Capital Based Economic Growth Model

  • Teresa V. Martins
  • Tanya Araújo
  • Maria A. Santos
  • Miguel St Aubyn

We revisit a recently introduced agent model[ACS {\bf 11}, 99 (2008)], where economic growth is a consequence of education (human capital formation) and innovation, and investigate the influence of the agents' social network, both on an agent's decision to pursue education and on the output of new ideas. Regular and random networks are considered. The results are compared with the predictions of a mean field (representative agent) model.

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Paper provided by ISEG - School of Economics and Management, Department of Economics, University of Lisbon in its series Working Papers Department of Economics with number 2008/44.

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Date of creation: Sep 2008
Date of revision:
Handle: RePEc:ise:isegwp:wp442008
Contact details of provider: Postal: Department of Economics, ISEG - School of Economics and Management, University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL
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  1. Quentin Michard & Jean-Philippe Bouchaud, 2005. "Theory of collective opinion shifts: from smooth trends to abrupt swings," Science & Finance (CFM) working paper archive 500060, Science & Finance, Capital Fund Management.
  2. Silverberg, Gerald & Verspagen, Bart, 1994. "Collective Learning, Innovation and Growth in a Boundedly Rational, Evolutionary World," Journal of Evolutionary Economics, Springer, vol. 4(3), pages 207-26, September.
  3. Chiaromonte, Francesca & Dosi, Giovanni, 1993. "Heterogeneity, competition, and macroeconomic dynamics," Structural Change and Economic Dynamics, Elsevier, vol. 4(1), pages 39-63, June.
  4. Fagiolo, Giorgio & Dosi, Giovanni, 2003. "Exploitation, exploration and innovation in a model of endogenous growth with locally interacting agents," Structural Change and Economic Dynamics, Elsevier, vol. 14(3), pages 237-273, September.
  5. Q. Michard & J.-P. Bouchaud, 2005. "Theory of collective opinion shifts: from smooth trends to abrupt swings," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 47(1), pages 151-159, 09.
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