Empirical confirmation of creative destruction from world trade data

9925 7 54845 2 154022 document 54845 Empirical confirmation of creative destruction from world trade data.PDF application/pdf e6c00ab887bae769b3f442ff890c603e MD5 694753 2016-05-09 14:23:23 https://pure.iiasa.ac.at/id/eprint/9925/1/Empirical%20confirmation%20of%20creative%20destruction%20from%20world%20trade%20data.PDF 9925 1 1 application/pdf text en public cc_by

Empirical confirmation of creative destruction from world trade data.PDF

published 54846 2 154025 document 54846 lightbox.jpg image/png e83b308fa83cd39435f0eae46e925fc8 MD5 62217 2016-05-09 14:23:53 https://pure.iiasa.ac.at/id/eprint/9925/2/lightbox.jpg 9925 2 2 image/png other Thumbnails conversion from text to thumbnail_lightbox en public

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/54845 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/54845 http://eprints.org/relation/issmallThumbnailVersionOf https://pure.iiasa.ac.at/id/document/54845 archive 351 disk0/00/00/99/25 2016-01-15 08:46:38 2021-08-27 17:39:14 2016-01-15 08:46:38 article show Klimek P. 1924 Hausmann R. Thurner S. 1918 Empirical confirmation of creative destruction from world trade data pub iis_ecn iis_sys prog_asa Data base; Dynamics; Economic development; Financial management; Growth curve; Socioeconomics; Statistical model; Validation process; World Trade Flows database We show that world trade network datasets contain empirical evidence that the dynamics of innovation in the world economy indeed follows the concept of "creative destruction," as proposed by J.A. Schumpeter more than half a century ago. National economies can be viewed as complex, evolving systems, driven by a stream of appearance and disappearance of goods and services. Products appear in bursts of creative cascades. We find that products systematically tend to co-appear, and that product appearances lead to massive disappearance events of existing products in the following years. The opposite-disappearances followed by periods of appearances-is not observed. This is an empirical validation of the dominance of cascading competitive replacement events on the scale of national economies, i.e., creative destruction. We find a tendency that more complex products drive out less complex ones, i.e., progress has a direction. Finally we show that the growth trajectory of a country's product output diversity can be understood by a recently proposed evolutionary model of Schumpeterian economic dynamics. 2012-06-18 published Public Library of Science (PLoS) 10.1371/journal.pone.0038924 XJ-12-118 PLoS ONE; 7(6):e38924 (18 June 2012) [doi:10.1371/journal.pone.0038924] 307 public PLoS ONE 7 6 TRUE 1932-6203 FALSE info:eu-repo/semantics/article