Empirical confirmation of creative destruction from world trade data.

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, dr...

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Autores principales:	Peter Klimek, Ricardo Hausmann, Stefan Thurner
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2012
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/195a0586d3e9450da9b64c6887c6f6ae
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id	oai:doaj.org-article:195a0586d3e9450da9b64c6887c6f6ae
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spelling	oai:doaj.org-article:195a0586d3e9450da9b64c6887c6f6ae2021-11-18T07:15:16ZEmpirical confirmation of creative destruction from world trade data.1932-620310.1371/journal.pone.0038924https://doaj.org/article/195a0586d3e9450da9b64c6887c6f6ae2012-01-01T00:00:00Zhttps://www.ncbi.nlm.nih.gov/pmc/articles/pmid/22719989/?tool=EBIhttps://doaj.org/toc/1932-6203We 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.Peter KlimekRicardo HausmannStefan ThurnerPublic Library of Science (PLoS)articleMedicineRScienceQENPLoS ONE, Vol 7, Iss 6, p e38924 (2012)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Peter Klimek Ricardo Hausmann Stefan Thurner Empirical confirmation of creative destruction from world trade data.
description	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.
format	article
author	Peter Klimek Ricardo Hausmann Stefan Thurner
author_facet	Peter Klimek Ricardo Hausmann Stefan Thurner
author_sort	Peter Klimek
title	Empirical confirmation of creative destruction from world trade data.
title_short	Empirical confirmation of creative destruction from world trade data.
title_full	Empirical confirmation of creative destruction from world trade data.
title_fullStr	Empirical confirmation of creative destruction from world trade data.
title_full_unstemmed	Empirical confirmation of creative destruction from world trade data.
title_sort	empirical confirmation of creative destruction from world trade data.
publisher	Public Library of Science (PLoS)
publishDate	2012
url	https://doaj.org/article/195a0586d3e9450da9b64c6887c6f6ae
work_keys_str_mv	AT peterklimek empiricalconfirmationofcreativedestructionfromworldtradedata AT ricardohausmann empiricalconfirmationofcreativedestructionfromworldtradedata AT stefanthurner empiricalconfirmationofcreativedestructionfromworldtradedata
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Empirical confirmation of creative destruction from world trade data.

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