Economic Networks: The New Challenges

There is no author summary for this article yet. Authors can add summaries to their articles on ScienceOpen to make them more accessible to a non-specialist audience.

Abstract

The current economic crisis illustrates a critical need for new and fundamental understanding of the structure and dynamics of economic networks. Economic systems are increasingly built on interdependencies, implemented through trans-national credit and investment networks, trade relations, or supply chains that have proven difficult to predict and control. We need, therefore, an approach that stresses the systemic complexity of economic networks and that can be used to revise and extend established paradigms in economic theory. This will facilitate the design of policies that reduce conflicts between individual interests and global efficiency, as well as reduce the risk of global failure by making economic networks more robust.

Related collections

Most cited references 23

Record: found
Abstract: found
Article: not found

Network analysis in the social sciences.

Stephen P Borgatti, Ajay Mehra, Daniel J Brass … (2009)

Over the past decade, there has been an explosion of interest in network research across the physical and social sciences. For social scientists, the theory of networks has been a gold mine, yielding explanations for social phenomena in a wide variety of disciplines from psychology to economics. Here, we review the kinds of things that social scientists have tried to explain using social network analysis and provide a nutshell description of the basic assumptions, goals, and explanatory mechanisms prevalent in the field. We hope to contribute to a dialogue among researchers from across the physical and social sciences who share a common interest in understanding the antecedents and consequences of network phenomena.