A Goodwin Model Modification and Its Interactions in Complex Networks.
Francisco Yáñez Rodríguez1, Alberto P Muñuzuri1,2
1Group of NonLinear Physics, University of Santiago de Compostela, 15706 Santiago de Compostela, Spain.
Entropy (Basel, Switzerland)
|June 28, 2023
Summary
Understanding the global economy requires analyzing smaller economic systems. This study reveals network topology and coupling strength significantly influence collective economic dynamics and final states.
Area of Science:
- Economics
- Network Science
- Complex Systems
Background:
- Global economic behavior emerges from interactions of smaller economies.
- Previous models often oversimplify these interconnections.
Purpose of the Study:
- To analyze the collective dynamics arising from interconnected economic models.
- To investigate the role of network topology in economic interactions.
Main Methods:
- Developed a simplified economic model preserving essential features.
- Analyzed the interaction dynamics of a network of these simplified economies.
- Correlated network topological structures with emergent collective properties.
Main Results:
- The topological structure of the economic network significantly correlates with collective properties.
- The strength of coupling between economies is crucial for determining the final state.
- Node connectivity within the network also plays a vital role in emergent dynamics.
Conclusions:
- Network topology and coupling strength are key determinants of global economic behavior.
- Simplified models can reveal fundamental principles of economic interconnectedness.
- Understanding network structures is essential for predicting economic outcomes.
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