Guide to New Economic Metrics
New Economic Metrics offer a novel and data-driven perspective to make the intangible assets encoding the potential of economic systems quantitative by means of new generation of machine-learning tools and metrics as the fitness of a national economy. One of the major challenges faced by western countries and world economy after the financial crisis of 2007 and the following economic stagnancy is to find new schemes of thinking about the economic growth and innovation. The spirit of Economic Complexity is to look at the interconnected structure that characterizes economy as a whole.
In our vision economy can be seen as a ecosystem in a highly changing environment where evolutionary concepts apply. Starting from the competitiveness of economic systems, differently from the standard visions of economic theories, is often not simply a matter of maximizing efficiency but rather the outcome of an adaptive process where all the other players must be considered at the same time. In some extents the country competitiveness represents, borrowing the term from Ecology, the fitness of the country in the globalized and highly interconnected world market. When measuring competitiveness these concepts must be taken into consideration and cannot be neglected to give an effective description of the present world economic playground.
Competing in dynamic and rapidly changing environments calls for a paradigm shift from the mainstream aggregated description of technology development and economic growth towards a novel vision in terms of evolutive process in dynamic and out-of-equilibrium ecosystems of technologies and industrial capabilities as shown in recent studies. To meet this challenge we have developed and are continuously refining new metrics.