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volume 51, issue 8, october 2022
1. title: reprint of the new paradigm of economic complexity
authors: pierre-alexandre balland, tom broekel, dario diodato, elisa giuliani, ... david rigby
abstract: economic complexity offers a potentially powerful paradigm to understand key societal issues and challenges of our time. the underlying idea is that growth, development, technological change, income inequality, spatial disparities, and resilience are the visible outcomes of hidden systemic interactions. the study of economic complexity seeks to understand the structure of these interactions and how they shape various socioeconomic processes. this emerging field relies heavily on big data and machine learning techniques. this brief introduction to economic complexity has three aims. the first is to summarize key theoretical foundations and principles of economic complexity. the second is to briefly review the tools and metrics developed in the economic complexity literature that exploit information encoded in the structure of the economy to find new empirical patterns. the final aim is to highlight the insights from economic complexity to improve prediction and political decision-making. institutions including the world bank, the european commission, the world economic forum, the oecd, and a range of national and regional organizations have begun to embrace the principles of economic complexity and its analytical framework. we discuss policy implications of this field, in particular the usefulness of building recommendation systems for major public investment decisions in a complex world.
2. title: economic complexity and the green economy
authors: penny mealy and alexander teytelboym
abstract: which countries are likely to have the productive capabilities to thrive in the green economy? how might countries reorient their existing industrial structures to be more competitive in an environmentally friendly world? to investigate these questions, this paper develops a novel methodology for measuring productive capabilities to the green economy. by constructing a new comprehensive dataset of traded green products and drawing on economic complexity methods, we rank countries in terms of their ability to export complex green products competitively. we show that higher ranked countries are more likely to have higher environmental patenting rates, lower co2 emissions, and more stringent environmental policies even after controlling for per capita gdp. we then examine countries' potential to transition into green products in the future and find strong path dependence in the accumulation of green capabilities. our results shed new light on green industrialisation and have a number of implications for green industrial policy.
3. title: variety, complexity and economic development
authors: alje van dam and koen frenken
abstract: we propose a combinatorial model of economic development. an economy develops by acquiring new capabilities allowing for the production of an ever greater variety of products with an increasing complexity. taking into account that economies abandon the least complex products as they develop over time, we show that variety first increases and then decreases in the course of economic development. this is consistent with the empirical pattern known as �the hump�. our results question the common association of variety with complexity. we further discuss the implications of our model for future research.
4. title: when complexity meets finance: a contribution to the study of the macroeconomic effects of complex financial systems
authors: alberto botta, eugenio caverzasi and alberto russo
abstract: in the last decade, complexity economics has emerged as a powerful approach to the understanding of the most relevant factors influencing economic development. the concept of economic complexity has been applied to the study of different economic issues such as economic growth, technological change and inequality. this work represents a first step towards the application of this concept to the study of the financial side of the economy, and particularly of the macroeconomic effects of rising financial complexity. in this paper, we present an agent-based macroeconomic model including an increasingly complex financial sector, characterized by the presence of collateralized debt obligations with different seniorities next to more standard assets, like bonds and commercial papers. simulations results suggest that financial complexity exerts major economic effects: while financial engineering makes securitized loans very attractive and opaque assets, the disperse interaction among different agents and financial institutions generated by these complex financial instruments shapes the behavior of the economies and allows for the diffusion of financial distress.
5. title: birthplace diversity and economic complexity: cross-country evidence
authors: dany bahar, hillel rapoport and riccardo turati
abstract: we empirically investigate the relationship between a country�s economic complexity and the diversity in the birthplaces of its immigrants. our cross-country analysis suggests that countries with higher birthplace diversity by one standard deviation are more economically complex by 0.1 to 0.18 standard deviations above the mean. this holds particularly for diversity among highly educated migrants and for countries at intermediate levels of economic complexity. we address endogeneity concerns by instrumenting diversity through predicted stocks from a pseudo-gravity model as well as from a standard shift-share approach. finally, we provide evidence suggesting that birthplace diversity boosts economic complexity by increasing the diversification of the host country�s export basket.
6. title: the scientific and technological cross-space: is technological diversification driven by scientific endogenous capacity?
authors: pablo catal�n, carlos navarrete and felipe figueroa
abstract: the principle of relatedness allows us to explore the likelihood that territories diversify their current technological portfolios based on the global co-occurrence patterns of technologies. countries that excel at developing semiconductors should develop mobile phones because both technologies require similar endogenous capacities, including scientific knowledge. however, thus far, studies have been mostly limited to the knowledge common base assumption and have not questioned enough whether different scientific endogenous capacities may be behind similar diversification performances. to address this question, we introduce the concept of scientific and technological cross-density, which we define as the average proximity of a new potential technology to a country's scientific and technological portfolio. to conceptualize and measure the effect that scientific and technological cross-density may have on technological diversification, we applied a two-stage methodology to a sample of 182 countries during the 1988�2014 period. first, we build a network, the science and technology cross-space, (sci-tech cross-space), which relates knowledge and technologies based on co-occurrence values. second, we estimate the effect of scientific-technological cross-density and technological density on technological diversification at the country level. we find that the more a new technology is related to a country's scientific portfolio, the greater its entry probability; additionally, the effect of technological density on technological diversification is greater than the effect of scientific and technological density.
7. title: the knowledge and skill content of production complexity
authors: alessia lo turco and daniela maggioni
abstract: in this paper we investigate the labour content of complex products. by exploiting o*net information on the skill and knowledge required by occupations, we find that the product complexity measure suggested by hausmann and hidalgo (2009) is highly intensive in stem knowledge and in science, mathematics and critical thinking skill requirements. we then propose a new measure of occupational complexity based on these occupational features. among other advantages, this indicator has the merit to measure complexity for service industries that, so far, has never been measured. in an empirical model of the growth of usa metropolitan areas (msas), we find that msas whose initial industrial structure embeds a higher level of occupational complexity experience higher real per capita gdp growth over the 2001�2017 period. the occupational complexity measure is a stronger predictor of growth than other metrics of industries� occupational and task content as well as compared to indicators of local occupational and industrial composition. when we separately compute occupational complexity of service and manufacturing industries and delve into their specific role for long run growth, we find a prominent role of the occupation complexity embedded in local services with respect to the one embedded in local manufacturing. our baseline evidence is corroborated in the context of the nuts3 regions of france over the period 2010�2017.
8. title: knowledge complexity and the mechanisms of knowledge generation and exploitation: the european evidence
authors: cristiano antonelli, francesco crespi and francesco quatraro
abstract: a knowledge complexity trade-off can be identified if and when the complexity of the stock of knowledge engenders positive effects in the recombinant generation of new technological knowledge but negative ones in its exploitation in terms of productivity gains. on the one hand, the complexity of the stock of knowledge increases the scope for recombination and hence the amount of knowledge that each firm is able to generate with a given budget. on the other, the complexity of the stock of knowledge has controversial effects on productivity: the indirect effects -via the larger amount of knowledge generated upstream- are positive but the direct ones can be negative if they generate difficulties in the exploitation of a highly heterogeneous stock of knowledge. the econometric test on the european regions in the years 1997�2009, provides strong empirical evidence about the relevance of the composition of the stock of quasi-public knowledge and its twin positive effects in terms of the direct support of the knowledge generation function and of the indirect one on productivity growth. moreover, the analysis highlights the negative direct effects on productivity dynamics, though with substantial heterogeneity across different groups of regions.
9. title: implied comparative advantage
authors: ricardo hausmann, daniel p. stock and muhammed a. y1ld1r1m
abstract: the comparative advantage of a location shapes its industrial structure. current theoretical models based on this principle do not take a stance on how comparative advantages in different industries or locations are related with each other, or what such patterns of relatedness might imply about the evolution of comparative advantage. we build a simple ricardian-inspired model and show that hidden information on inter-industry and inter-location relatedness can be captured by simple correlations between the observed structure of industries across locations, or the structure of locations across industries. we then use this recovered information to calculate a measure of implied comparative advantage, and show that it explains much of the location�s current industrial structure. we give evidence that these patterns are present in a wide variety of contexts, namely the export of goods (internationally) and the employment, payroll and number of establishments across the industries of subnational regions (in the us, chile and india). in each of these cases, the deviations between the observed and implied comparative advantage in the past tend to be highly predictive of future industry growth, especially at horizons of a decade or more; this explanatory power holds at both the intensive as well as the extensive margin. these results suggest that a component of the long-term evolution of comparative advantage is already implied in today�s patterns of production.
10. title: what a firm produces matters: processes of diversification, coherence and performances of indian manufacturing firms
authors: giovanni dosi, nanditha mathew and emanuele pugliese
abstract: economic growth and development of a country involves the accumulation of knowledge and dynamic capabilities. past research has begun to investigate capability accumulation and macro-economic development of countries and sectors, and the role of new products in these processes. in this work, we focus on the firm-level process of capability accumulation and diversification in a developing country, namely, india. first, we explore the drivers of firm diversification strategies, and the effects of diversification upon firm performance in terms of profitability and sales growth. second, we look at the idiosyncratic characteristics of different products, trying to identify the synergies of a product line with respect to the overall product basket of the firm � i.e. the �coherence� of its diversification patterns. we observe that the future performance of firms crucially depends on the interactions between the products they produce.
11. title: production ability and economic growth
authors: sebasti�n bustos and muhammed a. y1ld1r1m
abstract: cities and countries undergo constant structural transformation. industries need many inputs, such as regulations, infrastructure or productive knowledge, which we call capabilities. and locations are successful in hosting industries insofar as the capabilities that they can provide. we propose a capabilities-based production model and an empirical strategy to measure the sophistication of a product and the production ability of a location. we apply our framework to international trade data and employment data in the united states, recovering measures of production ability for countries and cities, and the sophistication of products and industries. we show that both country- and city-level measures have a strong correlation with income and economic growth at different time horizons. product sophistication is positively correlated with indicators of human capital and wages. our model-based estimations predict product appearances and disappearances through the extensive margin.
12. title: technological complexity and economic growth of regions
authors: lars mewes and tom broekel
abstract: one the one hand, complex technologies offer substantial economic benefits, and on the other, they are difficult to invent and to imitate, and they refuse a fast dissemination. this two-sidedness motivates the idea that regions� competitive advantages and, in consequence, their economic growth, originate in their ability to produce and utilize complex technologies. however, the relationship between technological complexity and regional economic growth has rarely been empirically investigated. here, we address this pressing research gap by assessing the complexity of technological activities in 159 european nuts 2 regions and relating it to their economic growth from 2000 to 2014. our empirical results suggest that technological complexity is an important predictor of regional economic growth. a 10% increase in complexity is associated with a 0.45% gdp per capita growth. by showing that technological complexity is important for regional economic growth, our results fuel current policy debates about optimal regional policies such as the smart specialization strategy.
13. title: the complex nature of regional knowledge production: evidence on european regions
authors: nico pintar and thomas scherngell
abstract: knowledge creation is widely considered as the central driver for innovation, and accordingly, for creating competitive advantage. however, most measurement approaches have so far mainly focused on the quantitative dimension of knowledge creation, neglecting that not all knowledge has the same value (balland and rigby, 2017). the notion of knowledge complexity has come into use in this context just recently as an attempt to measure the quality of knowledge in terms of its uniqueness and its replicability. the central underlying assumption is that more complex knowledge is more difficult to be replicated, and therefore provides a higher competitive advantage for firms, or at an aggregated level, regions and countries. the objective of this study is to advance and apply measures for regional knowledge complexity to a set of european regions, and to highlight its potential in a regional policy context. this is done by, first, characterising the spatial distribution of complex knowledge in europe and its dynamics in recent years, second, establishing that knowledge complexity is associated with future regional economic growth, and third, illustrating the usefulness of the measures by means of some policy relevant example applications. we proxy the production of complex knowledge with a regional knowledge complexity index (kci) that is based on regional patent data of european metropolitan regions from current eu and efta member countries. the results are promising as the regional kci unveils knowledge creation patterns not observed by conventional measures. moreover, regional complexity measures can be easily combined with relatedness metrics to support policy makers in a smart specialisation context.
14. title: the time and frequency of unrelated diversification
authors: fl�vio l. pinheiro, dominik hartmann, ron boschma and c�sar a. hidalgo
abstract: economic diversification�the process by which locations enter new economic activities�is known to be a combination of related and unrelated diversification. related diversification is�on average�more frequent, but unrelated diversification is nevertheless considered important to avoid economic lock-in. here, we study the frequency and timing of unrelated diversification using two international trade datasets at the country level. we find that related diversification is more frequent for countries at low levels of development but !"$ .0124<=opqyz����ʻʻʻ����tf_qfdf_q9hicy5�ojqj^jhj�5�ojqj^jo(h�l.h�l.5�ojqj^jh�l.h�l.h�"�hu<�5�ojqj^jh�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo(h�n�5�cjojqj^jajh
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