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The Product Space
The Product Space is a network that formalizes the idea of relatedness between products traded in the global economy. The network first appeared in the July 2007 issue of ''Science'' in the article "The Product Space Conditions the Development of Nations," written by Cesar A. Hidalgo, Bailey Klinger, Ricardo Hausmann, and Albert-László Barabási. The Product Space network has considerable implications for economic policy, as its structure helps elucidate why some countries undergo steady economic growth while others become stagnant and are unable to develop. The concept has been further developed and extended by The Observatory of Economic Complexity, through visualizations such as the Product Exports Treemaps and new indexes such as the Economic Complexity Index (ECI), which have been condensed into the Atlas of Economic Complexity. From the new analytic tools developed, Hausmann, Hidalgo and their team have been able to elaborate predictions of future economic growth. Ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." A typical example is the machinery used in factories. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services. Adam Smith defined capital as "that part of man's stock which he expects to afford him revenue". In economic models, capital is an input in the production function. The total physical capital at any given moment in time is referred to as the capital stock (not to be confused with the capital stock of a business entity). Capital goods, real capital, or capital assets are already-produced, durable goods or any non-fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complexity Economics
Complexity economics is the application of complexity science to the problems of economics. It sees the economy not as a system in equilibrium, but as one in motion, perpetually constructing itself anew.Beinhocker, Eric D. The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics. Boston, Massachusetts: Harvard Business School Press, 2006. It uses computational and mathematical analysis to explore how economic structure is formed and reformed, in continuous interaction with the adaptive behavior of the 'agents' in the economy. Models The "nearly archetypal example" is an artificial stock market model created by the Santa Fe Institute in 1989. The model shows two different outcomes, one where "agents do not search much for predictors and there is convergence on a homogeneous rational expectations outcome" and another where "all kinds of technical trading strategies appearing and remaining and periods of bubbles and crashes occurring". Another area has ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrialized Countries
A developed country (or industrialized country, high-income country, more economically developed country (MEDC), advanced country) is a sovereign state that has a high quality of life, developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. A point of reference of US$20,000 in 2021 USD nominal GDP per capita for the International Monetary Fund (IMF) is a good point of departure, it is a similar level of development to the United States in 1960. Developed countries have generally more advanced post-industrial economies, meaning the service sector provides more ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Network Visualization
Graph drawing is an area of mathematics and computer science combining methods from geometric graph theory and information visualization to derive two-dimensional depictions of graphs arising from applications such as social network analysis, cartography, linguistics, and bioinformatics. A drawing of a graph or network diagram is a pictorial representation of the vertices and edges of a graph. This drawing should not be confused with the graph itself: very different layouts can correspond to the same graph., p. 6. In the abstract, all that matters is which pairs of vertices are connected by edges. In the concrete, however, the arrangement of these vertices and edges within a drawing affects its understandability, usability, fabrication cost, and aesthetics. The problem gets worse if the graph changes over time by adding and deleting edges (dynamic graph drawing) and the goal is to preserve the user's mental map. Graphical conventions Graphs are frequently drawn as node–lin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Bureau Of Economic Research
The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community". The NBER is well known for providing start and end dates for recessions in the United States. Many chairpersons of the Council of Economic Advisers were previously NBER Research Associates, including the former NBER president and Harvard Professor, Martin Feldstein. The NBER's president and CEO is James M. Poterba of MIT. History The NBER was founded in 1920. Its first staff economist, director of research, and one of its founders was American economist Wesley Clair Mitchell. He was succeeded by Malcolm C. Rorty in 1922. The Russian American economist Simon Kuznets, a student of Mitchell, was working at the NBER when the U.S. government recruited him to oversee the production of the first official estimates of national in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Global Trade
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy) In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, scramble for Africa, Atlantic slave trade, salt roads), its economic, social, and political importance has been on the rise in recent centuries. Carrying out trade at an international level is a complex process when compared to domestic trade. When trade takes place between two or more states factors like currency, government policies, economy, judicial system, laws, and markets influence trade. To ease and justify the process of trade between countries of different economic standing in the modern era, some international economic organizations were formed, such as the World Trade Organization. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Proxemics
Proxemics is the study of human use of space and the effects that population density has on behaviour, communication, and social interaction. Proxemics is one among several subcategories in the study of nonverbal communication, including haptics (touch), kinesics (body movement), vocalics (paralanguage), and chronemics (structure of time). Edward T. Hall, the cultural anthropologist who coined the term in 1963, defined proxemics as "the interrelated observations and theories of humans use of space as a specialized elaboration of culture". In his foundational work on proxemics, ''The Hidden Dimension,'' Hall emphasized the impact of proxemic behavior (the use of space) on interpersonal communication. According to Hall, the study of proxemics is valuable in evaluating not only the way people interact with others in daily life, but also "the organization of space in heirhouses and buildings, and ultimately the layout of heirtowns". Proxemics remains a hidden component of interpers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
