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The small-world of economy: a speculative proposal

Author

Listed:
  • Corso, G.
  • Lucena, L.S.
  • Thomé, Z.D.

Abstract

Using the small-world approach we suggest a network model for the economy. Our basic assumption is that the economic agents prefer to make business with the big business. This assumption makes the preferential attachment the main mechanism for the evolution of the economic network. We hypothesize that the connectivity of the economic network should reflect the wealth distribution of the society which is considered to be an exponential truncated power law. The objective of this paper is to model qualitatively the wealth distribution of a society using concepts based on evolving network. Several alternatives of evolving networks are discussed in an economic context.

Suggested Citation

  • Corso, G. & Lucena, L.S. & Thomé, Z.D., 2003. "The small-world of economy: a speculative proposal," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 324(1), pages 430-436.
    • Handle: RePEc:eee:phsmap:v:324:y:2003:i:1:p:430-436
    DOI: 10.1016/S0378-4371(02)01883-6
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    Cited by:

    1. Henriet, Fanny & Hallegatte, Stephane, 2008. "Assessing the Consequences of Natural Disasters on Production Networks: A Disaggregated Approach," Coalition Theory Network Working Papers 46657, Fondazione Eni Enrico Mattei (FEEM).
    2. Brendan Markey-Towler & John Foster, 2013. "Understanding the causes of income inequality in complex economic systems," Discussion Papers Series 478, School of Economics, University of Queensland, Australia.
    3. Merza, Ádám & London, András & Kiss, István Márton & Pelle, Anita & Dombi, József & Németh, Tamás, 2016. "A világkereskedelem hálózatelméleti vizsgálatának lehetőségeiről [The scope for analysis of world trade through network theory]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 79-98.

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