New research by Alex Teytelboym et al. presented at the 2018 Big Data Conference was recently published in Science Advances. The article, “Interpreting Economic Complexity,” explores patterns related the economic complexity index (ECI) and product complexity index (PCI). The paper can be found here.
Two network measures known as the economic complexity index (ECI) and product complexity index (PCI) have provided important insights into patterns of economic development. We show that the ECI and PCI are equivalent to a spectral clustering algorithm that partitions a similarity graph into two parts. The measures are also closely related to various dimensionality reduction methods, such as diffusion maps and correspondence analysis. Our results shed new light on the ECI’s empirical success in explaining cross-country differences in gross domestic product per capita and economic growth, which is often linked to the diversity of country export baskets. In fact, countries with high (low) ECI tend to specialize in high-PCI (low-PCI) products. We also find that the ECI and PCI uncover specialization patterns across U.S. states and U.K. regions.
Ravi Jagadeesan, an economic design fellow at CMSA and frequent collaborator with Center Affiliate Scott Kominers, is the recipient of the 2019 AMS-MAA-SIAM Frank and Brennie Morgan Prize for Outstanding Research in Mathematics by an Undergraduate Student. Ravi’s “fundamental contributions across several topics in pure and applied mathematics, including algebraic geometry, statistical theory, mathematical economics, number theory, and combinatorics” have qualified him for this prize. Jagadeesan is currently a PhD student in Business Economics at Harvard. He graduated from Harvard with an A.B. in Mathematics and an A.M. in Statistics in Spring 2018. In his response he thanked the Center of Mathematical Sciences and Applications for support.
Stephen Hawking passed away yesterday. He was 76. He visited the Black Hole Initiative in 2016 (pictured above). In 2006, Prof. Shing-Tung Yau helped arrange Prof. Hawking’s visit to China, where he has remained a popular cultural figure.
In the words of Prof. Yau, “He was very friendly and was willing to explain physics to laymen. His smile attracted the attention of everybody… the Chinese are grateful for his generosity in spending time in China.”