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Diversified economies are critical for cities to sustain their growth and development, but they are also costly because diversification often requires expanding a city's capability base. We analyze how cities manage this trade-off by…
Emergent patterns in complex systems are related to many intriguing phenomena in modern science and philosophy. Several conceptions such as weak, strong and robust emergence have been proposed to emphasize different epistemological and…
One 'problem' with the 21st century world, particularly the economic and business worlds, is the phenomenal and increasing number of interconnections between economic agents (consumers, firms, banks, markets, national economies). This…
Economic growth is often associated with diversification of economic activities. Making a product in a country is dependent on having, and acquiring, the capabilities needed to make the product, making the process path-dependent. We derive…
Economic evaluations from individual-level data are an important component of the process of technology appraisal, with a view to informing resource allocation decisions. A critical problem in these analyses is that both effectiveness and…
Large language models (LLMs) are often described as multilingual because they can understand and respond in many languages. However, speaking a language is not the same as reasoning within a culture. This distinction motivates a critical…
We show that world trade network datasets contain empirical evidence that the dynamics of innovation in the world economy follows indeed the concept of creative destruction, as proposed by J.A. Schumpeter more than half a century ago.…
Econometrics and machine learning seem to have one common goal: to construct a predictive model, for a variable of interest, using explanatory variables (or features). However, these two fields developed in parallel, thus creating two…
In the same way as the Hilbert Program was a response to the foundational crisis of mathematics, this article tries to formulate a research program for the socio-economic sciences. The aim of this contribution is to stimulate research in…
International trade fluxes evolve as countries revise their portfolios of trade products towards economic development. Accordingly products' shares in international trade vary with time, reflecting the transfer of capital between distinct…
Dworczak et al. (2021) study when certain market structures are optimal in the presence of heterogeneous preferences. A key assumption is that the social planner knows the joint distribution of the value of the good and marginal value of…
Culturomics was recently introduced as the application of high-throughput data collection and analysis to the study of human culture. Here we make use of this data by investigating fluctuations in yearly usage frequencies of specific words…
Schumpeter's (1939) distinction between changes in the form of the production function corresponding to innovation, and shifts along the production function corresponding to factor substitution, does not preclude that the underlying…
A key element to understand complex systems is the relationship between the spatial scale of investigation and the structure of the interrelation among its elements. When it comes to economic systems, it is now well-known that the…
The governance of common-pool resources-resource systems characterized by high subtractability of yield and difficulty of exclusion-constitutes one of the most persistent and intricate challenges in the fields of economics, ecology, and…
How can large language models (LLMs) serve users with varying preferences that may conflict across cultural, political, or other dimensions? To advance this challenge, this paper establishes four key results. First, we demonstrate, through…
As the diversity of people in higher education grows, Universities are struggling to provide inclusive environments that nurture the spirit of free inquiry in the presence of these differences. At the extreme, the value of diversity is…
Development and growth are complex and tumultuous processes. Modern economic growth theories identify some key determinants of economic growth. However, the relative importance of the determinants remains unknown, and additional variables…
We study the relationship between national culture and the disposition effect by investigating international differences in the degree of investors' disposition effect. We utilize brokerage data of 387,993 traders from 83 countries and find…
After the fall of the Berlin Wall, Central and Eastern Europe were subject to strong polarisation processes. This article proposes examines two neglected aspects regarding the transition period: a comparative static assessment of foreign…