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RESEARCH PAPER NO. 890
MODELLING
THE IMPACT OF NETWORK SOICAL CAPITAL ON
BUSINESS AND TECHNOLOGICAL INNOVATIONS
BY
YUAN
K. CHOU
DECEMBER 2003
Department of Economics. University of Melbourne.
Melbourne Victoria 3010 Australia
In this paper, we construct a macroeconomic
growth model where social capital embedded
in collaborative networks of firms (such
as corporate partnerships and research consortia)
increase the rate of technological and business
innovations in high-tech industries. Social
capital is created via network-building
activities and through "learning-by-doing".
We derive the optimal quantity of
resources that should be channelled away
from pure production into activities that
build network social capital, and study
both the comparative statics and transitional
dynamics of the model. We also examine the
implications of the model for policymakers
interested in formulating innovation policies.
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