INTERCONNECTEDNESS AND RESILIENCE OF THE U.S. ECONOMY

Ming Xu, Brad R. Allenby and John C. Crittenden
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Ming Xu: School of Natural Resources and Environment, University of Michigan, Ann Arbor, MI 48109-1041, USA
Brad R. Allenby: Center for Earth Systems Engineering and Management, Ira A. Fulton School of Engineering, Arizona State University, Tempe, AZ 85287-5306, USA
John C. Crittenden: Brook Byers Institute for Sustainable Systems, Georgia Institute of Technology, Atlanta, GA 30332-0595, USA

Advances in Complex Systems (ACS), 2011, vol. 14, issue 05, 649-672

Abstract: An economy consists of interconnected sectors which are specialized in producing different products or providing particular services. We study the interconnectedness of the U.S. economy using a network approach, finding that sectors are highly clustered in this "economy network" and play different roles in facilitating the transactions within the economy. When it comes to resilience of the economy as a whole, however, all sectors play different but nontrivial roles by facilitating alternative input–output routes when a crisis occurs in single or multiple sectors. Diversity in sectors' specialties appears to be the truly important characteristic that keeps the economy functional when facing internal and external challenges.

Keywords: Complex network; economic network; input–output; resilience; economy (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (7)

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DOI: 10.1142/S0219525911003335

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