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 inputoutput 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.

Original languageEnglish (US)
Pages (from-to)649-672
Number of pages24
JournalAdvances in Complex Systems
Volume14
Issue number5
DOIs
StatePublished - Oct 2011

Keywords

  • Complex network
  • economic network
  • economy
  • input-output
  • resilience

ASJC Scopus subject areas

  • Control and Systems Engineering
  • General

Cite this

Interconnectedness and resilience of the U.S. economy. / Xu, Ming; Allenby, Braden; Crittenden, John C.

In: Advances in Complex Systems, Vol. 14, No. 5, 10.2011, p. 649-672.

Research output: Contribution to journalArticle

Xu, Ming ; Allenby, Braden ; Crittenden, John C. / Interconnectedness and resilience of the U.S. economy. In: Advances in Complex Systems. 2011 ; Vol. 14, No. 5. pp. 649-672.
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