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Economic complexity: Conceptual grounding of a new metrics for global competitiveness

Tacchella, Andrea and Cristelli, Matthieu and Caldarelli, Guido and Gabrielli, Andrea and Pietronero, Luciano Economic complexity: Conceptual grounding of a new metrics for global competitiveness. Journal of Economic Dynamics and Control, 37 (8). pp. 1683-1691. ISSN 0165-1889 (2013)

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The availability of data corresponding to the products exported by all countries provides an excellent dataset to test economic ideas and extract new information about the process of economic development. The matrix of countries and exported products shows a marked triangular structure instead of the block-diagonal structure expected from Ricardian arguments of specialization. This observation points to the fact that diversification is instead the dominant effect in the globalized market. We discuss how to define a suitable non-monetary metrics for the value of diversification and the effective complexity of products. We discuss in detail the previous proposed approaches to assess this challenge and their limitations. We introduce a new approach to the definition of these metrics which seems to overcome the previous problems and we test it in a series of model systems.

Item Type: Article
Identification Number: 10.1016/j.jedc.2013.04.006
Projects: EC FET Open Project “FOC” Nr. 255987, PNR National Project CRISIS-Lab
Uncontrolled Keywords: Economic complexity; Metrics; Country competitiveness; Product complexity; Export; Toy model
Subjects: H Social Sciences > HB Economic Theory
Q Science > QA Mathematics
Q Science > QC Physics
Research Area: Economics and Institutional Change
Depositing User: Ms T. Iannizzi
Date Deposited: 29 Apr 2013 10:06
Last Modified: 07 Apr 2016 09:55
URI: http://eprints.imtlucca.it/id/eprint/1554

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