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Network effects in a human capital based economic growth model

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  • Teresa Vaz Martins
  • Tanya Araujo
  • Maria Augusta Santos
  • Miguel St Aubyn

Abstract

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.

Suggested Citation

  • Teresa Vaz Martins & Tanya Araujo & Maria Augusta Santos & Miguel St Aubyn, 2008. "Network effects in a human capital based economic growth model," Papers 0809.3418, arXiv.org, revised Feb 2009.
    • Handle: RePEc:arx:papers:0809.3418
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    References listed on IDEAS

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    1. 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.
    2. Charles I. Jones, 1999. "Growth: With or Without Scale Effects?," American Economic Review, American Economic Association, vol. 89(2), pages 139-144, May.
    3. Jones, Charles I., 2005. "Growth and Ideas," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 16, pages 1063-1111, Elsevier.
    4. 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.
    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;EDP Sciences, vol. 47(1), pages 151-159, September.
    6. 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 207-226, September.
    7. Dopfer,Kurt (ed.), 2005. "The Evolutionary Foundations of Economics," Cambridge Books, Cambridge University Press, number 9780521621991, September.
    8. Chiaromonte, Francesca & Dosi, Giovanni, 1993. "Heterogeneity, competition, and macroeconomic dynamics," Structural Change and Economic Dynamics, Elsevier, vol. 4(1), pages 39-63, June.
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    Cited by:

    1. Dong, Feng & Li, Yangfan & Li, Kun & Zhu, Jiao & Zheng, Lu, 2022. "Can smart city construction improve urban ecological total factor energy efficiency in China? Fresh evidence from generalized synthetic control method," Energy, Elsevier, vol. 241(C).

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