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Interconnectedness And Resilience Of The U.S. Economy

Author

Listed:
  • 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)

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.

Suggested Citation

  • Ming Xu & Brad R. Allenby & John C. Crittenden, 2011. "Interconnectedness And Resilience Of The U.S. Economy," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 14(05), pages 649-672.
    • Handle: RePEc:wsi:acsxxx:v:14:y:2011:i:05:n:s0219525911003335
    DOI: 10.1142/S0219525911003335
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    References listed on IDEAS

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    1. Caldarelli, Guido, 2007. "Scale-Free Networks: Complex Webs in Nature and Technology," OUP Catalogue, Oxford University Press, number 9780199211517.
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    Cited by:

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    2. Emily P. Harvey & Dion R. J. O'Neale, 2019. "Using network science to quantify economic disruptions in regional input-output networks," Papers 1910.12498, arXiv.org.
    3. Joya, Omar & Rougier, Eric, 2019. "Do (all) sectoral shocks lead to aggregate volatility? Empirics from a production network perspective," European Economic Review, Elsevier, vol. 113(C), pages 77-107.
    4. Gloria, José & Miranda-Pinto, Jorge & Fleming-Muñoz, David, 2024. "Production network diversification and economic development," Journal of Economic Behavior & Organization, Elsevier, vol. 218(C), pages 281-295.
    5. Tan, Raymond R. & Aviso, Kathleen B. & Chiu, Anthony S.F. & Promentilla, Michael Angelo B. & Razon, Luis F. & Tseng, Ming-Lang & Yu, Krista Danielle S., 2017. "Towards “climate-proof” industrial networks," Resources, Conservation & Recycling, Elsevier, vol. 127(C), pages 244-245.
    6. Iliopoulos, Panagiotis (Takis), 2022. "A quantitative analysis of governance structures in the world economy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 599(C).
    7. Ariel L. Wirkierman & Monica Bianchi & Anna Torriero, 2022. "Leontief Meets Markov: Sectoral Vulnerabilities Through Circular Connectivity," Networks and Spatial Economics, Springer, vol. 22(3), pages 659-690, September.

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