The relaxation dynamics of a catalytically polymerizing, initially molecular liquid was studied by dielectric spectroscopy in the 1 MHz - 10 GHz frequency range until a macromolecular network structure formed and the liquid became a solid isothermally. Further, its dynamic heat capacity for a fixed 5 mHz frequency, and the heat evolved during the growth of the molecular network, were measured. These are related to the number of new covalent links or bonds, n, formed. In the molecular liquid at 335.4 K, one relaxation peak with a spectral half-width of 2.4 decades appears at 0.8 GHz frequency. All polarization of the liquid at 335.4 K relaxes by this relatively broad relaxation process. As the liquid's viscosity increases and the volume and configurational entropy, , decrease isothermally with increase in n in the macromolecule, the strength of this relaxation decreases, but its characteristic time does not change. Both effects are analogous to the effects of the increase in viscosity and density, and decrease in , on the Johari - Goldstein relaxation during supercooling a chemically stable liquid and physically ageing a glass. The rate of orientational diffusion observed in the GHz range is not affected by a decrease in or increase in the density.