Misplaced Pages

#414585

32-879: [REDACTED] Look up oec in Wiktionary, the free dictionary. OEC may refer to: Finance [ edit ] The Observatory of Economic Complexity , a data visualization site Ordre des Experts-Comptables , French association of chartered accountants Transportation [ edit ] Orion Expedition Cruises , Australian based luxury expedition cruise line Otis Elevator Company , an American company that manufactures vertical transportation systems Osborn Engineering Company , known as OEC, an historic British former manufacturer of motorcycles OEConnection, an American company that provides B2B solutions, connecting Automotive Manufacturers, Dealers and Collision & Repair shops Other [ edit ] Odd Eye Circle ,

64-535: A South Korean girl group Offshore Energy Center , sponsor of the Ocean Star Offshore Drilling Rig & Museum in Galveston, Texas, United States Old Earth creationism , a term for several types of creationism Olfactory ensheathing cells , a type of glial cell found in the nervous system Oregon Environmental Council , an American environmental organization Orissa Engineering College ,

96-400: A complex relation to previous work in economics and other sciences, and to contemporary economics. Complexity-theoretic thinking to understand economic problems has been present since their inception as academic disciplines . Research has shown that no two separate micro-events are completely isolated, and there is a relationship that forms a macroeconomic structure. However, the relationship

128-481: A granular analysis of individual company behavior and procurement practices. The high-resolution BoL data reveals specific details for each shipping port, allowing for the detection of trade changes that might be overlooked in broader datasets. D3plus is the underlying engine responsible for generating all of the visualization used on the site. D3plus is an open source (MIT license) JavaScript library built on top of D3.js by Alexander Simoes and Dave Landry. It

160-524: A negative or in a positive sense." Rosser "granted" Horgan "that it is hard to identify a concrete and surprising discovery (rather than "mere metaphor") that has arisen due to the emergence of complexity analysis" in the discussion journal of the American Economic Association , the Journal of Economic Perspectives . Surveying economic studies based on complexity science, Rosser wrote that

192-511: A resource for researchers, trade experts, businesses, students, and others who want to understand world economy dynamics. The OEC began as a research project at MIT 's Collective Learning group (former Macro Connections Group). It was the Master Thesis of Alex Simoes (2012), directed by Professor Cesar A. Hidalgo . In 2012, the OEC was spun out of MIT as an open-source project and refined throughout

224-421: A spectral method to measure the complexity of a country's economy by inferring it from the structure of the network connecting countries to the products that they export. The measure combines information of a country's diversity , which is positively correlated with a country's productive knowledge, with measures of a product ubiquity (number of countries that produce or export the product). This concept, known as

256-562: A technical institution in Bhubaneswar, Orissa, India Outdoor Emergency Care , a course for certification of first aid in non-urban situations Overseas Employment Certificate , an identity document in the Philippines Oxford English Corpus , an English text corpus Oxygen evolving complex , a water oxidizing enzyme .OEC , the file format for OE-Cake!, a fluid physics software application Topics referred to by

288-667: Is also used on other visualization themed sites such as DataViva and Pantheon. Visual representations include Economic complexity Complexity economics is the application of complexity science to the problems of economics . It relaxes several common assumptions in economics, including general equilibrium theory . While it does not reject the existence of an equilibrium, it sees such equilibria as "a special case of nonequilibrium", and as an emergent property resulting from complex interactions between economic agents. The complexity science approach has also been applied to computational economics . The "nearly archetypal example"

320-472: Is an artificial stock market model created by the Santa Fe Institute in 1989. The model shows two different outcomes, one where "agents do not search much for predictors and there is convergence on a homogeneous rational expectations outcome" and another where "all kinds of technical trading strategies appearing and remaining and periods of bubbles and crashes occurring". Another area has studied

352-472: Is available for over 25 countries, which collectively represent 85% of global trade. Additionally, the OEC includes Bill of Lading (BoL) data, which comprises millions of records for products shipped to and from the United States, compiled by the U.S. Customs and Border Protection (CBP) . This dataset offers detailed information on consignees, shippers, product descriptions, and quantities traded, enabling

SECTION 10

#1732851294415

384-805: Is different from Wikidata All article disambiguation pages All disambiguation pages The Observatory of Economic Complexity The site consists of a series of periodically updated profiles dedicated to exploring trade data for countries and their regions, companies, products, and international organizations. It also features bilateral profiles that allow exploring the trade relationships between different countries and between countries and products. The platform has developed an arrangement of tools dedicated to exploring trade datasets and making data cuts with its Data, Company, and Trend Explorers or building custom visualizations with its Viz builder. The OEC also features economic complexity data through indicators, maps, rankings, and publications, making it

416-540: Is evolving to be more "eclectic", diverse, and pluralistic . Colander, Holt & Rosser (2004) state that contemporary mainstream economics is "moving away from a strict adherence to the holy trinity – rationality, selfishness, and equilibrium", citing complexity economics along with recursive economics and dynamical systems as contributions to these trends. They classify complexity economics as now mainstream but non-orthodox . In 1995-1997 publications, Scientific American journalist John Horgan "ridiculed"

448-471: Is not always in one direction; there is a reciprocal influence when feedback is in operation. Complexity economics has been applied to many fields. Complexity economics draws inspiration from behavioral economics , Marxian economics , institutional economics / evolutionary economics , Austrian economics and the work of Adam Smith . It also draws inspiration from other fields, such as statistical mechanics in physics, and evolutionary biology . Some of

480-500: The "Product Space" , has been further developed by MIT's Observatory of Economic Complexity , and in The Atlas of Economic Complexity in 2011. The economic complexity index (ECI) introduced by Hidalgo and Hausmann is highly predictive of future GDP per capita growth. In Hausmann, Hidalgo et al., the authors show that the List of countries by future GDP (based on ECI) estimates ability of

512-775: The Standard International Trade Classification at the four-digit level (SITC-4) and the Harmonized System at the four-digit level (HS-4). Spanning from 1962 to 2022, the OEC offers datasets covering complexity indicators (PCI and ECI), World Development Indicators (WDI), tariffs (WITS), and trade data classified under SITC2 (1962-2018) and various HS Code revisions. The platform also features up-to-date trade data at Subnational Geography, Continents, Countries, Provinces, Ports of Entry, and departments levels for numerous countries. This data, sourced from national agencies responsible for customs data collection,

544-414: The prisoner's dilemma , such as in a network where agents play amongst their nearest neighbors or a network where the agents can make mistakes from time to time and "evolve strategies". In these models, the results show a system which displays "a pattern of constantly changing distributions of the strategies". More generally, complexity economics models are often used to study how non-intuitive results at

576-577: The 20th century intellectual background of complexity theory in economics is examined in Alan Marshall (2002) The Unity of Nature, Imperial College Press: London. See Douma & Schreuder (2017) for a non-technical introduction to Complexity Economics and a comparison with other economic theories (as applied to markets and organizations). The theory of complex dynamic systems has been applied in diverse fields in economics and other decision sciences. These applications include capital theory , game theory ,

608-590: The ECI to predict future GDP per capita growth is between 5 times and 20 times larger than the World Bank's measure of governance, the World Economic Forum's (WEF) Global Competitiveness Index (GCI) and standard measures of human capital, such as years of schooling and cognitive ability. Sapienza physicist Luciano Pietronero and collaborators have recently proposed a different approach. These metrics are defined as

640-400: The OEC much more recent, relevant, and higher resolution. The 4.0 version of the OEC also includes several new features, such as a tunable forecast tool, the tariff explorer, and the ability to calculate economic complexity rankings dynamically. OEC 4.0 was built from scratch on a completely new code base created solely by Datawheel. OEC 5.0 (2021-Today) The 5.0 version was launched in

672-514: The OEC. The Observatory of Economic Complexity (OEC) integrates several datasets for free; notably including data from UN Comtrade , which is meticulously cleaned by the BACI team at the Centre d'Etudes Prospectives et d'Informations Internationales (CEPII) . This comprehensive dataset encompasses exports and imports categorized by both country of origin and destination, with products detailed according to

SECTION 20

#1732851294415

704-455: The dynamics of opinions among agents composed of multiple selves, and macroeconomics . In voting theory , the methods of symbolic dynamics have been applied by Donald G. Saari . Complexity economics has attracted the attention of historians of economics. Ben Ramalingam 's Aid on the Edge of Chaos includes numerous applications of complexity economics that are relevant to foreign aid . In

736-410: The findings, rather than being surprising, confirmed "already-observed facts." Rosser wrote that there has been "little work on empirical techniques for testing dispersed agent complexity models." Nonetheless, Rosser wrote that "there is a strain of common perspective that has been accumulating as the four C's of cybernetics, catastrophe, chaos, and complexity emerged, which may now be reaching

768-690: The fixed point of non-linear iterative map. Differently from the linear algorithm giving rise to the ECI, this non-linearity is a key point to properly deal with the nested structure of the data. The authors of this alternative formula claim it has several advantages: The metrics for country fitness and product complexity have been used in a report of the Boston Consulting Group on Sweden growth and development perspectives. Brian Arthur , Steven N. Durlauf , and David A. Lane describe several features of complex systems that they argue deserve greater attention in economics. Complexity economics has

800-414: The literature, usually chaotic models are proposed but not calibrated on real data nor tested. However some attempts have been made recently to fill that gap. For instance, chaos could be found in economics by the means of recurrence quantification analysis . In fact, Orlando et al. by the means of the so-called recurrence quantification correlation index were able detect hidden changes in time series. Then,

832-400: The macro-level of a system can emerge from simple interactions at the micro level. This avoids assumptions of the representative agent method, which attributes outcomes in collective systems as the simple sum of the rational actions of the individuals. It also takes into account the view of emergence in economics. Physicist César Hidalgo and Harvard economist Ricardo Hausmann introduced

864-541: The most popular section of the site. The visualization builder (Explore in OEC 2.0) was still the main feature. OEC 3.0 (2015-2020) The 3.0 version of the OEC was designed around profiles. The visualization builder became a secondary feature, giving the tool a more narrative flavor. OEC 4.0 (2020-2021) The 4.0 version of the OEC is the largest and most ambitious version of the OEC ever created. It includes subnational level data for dozens of countries, sourced directly from their public customs records. This makes

896-412: The movement as being the fourth C among the "failed fads" of " complexity , chaos , catastrophe , and cybernetics ". In 1997, Horgan wrote that the approach had "created some potent metaphors: the butterfly effect , fractals , artificial life , the edge of chaos , self organized criticality . But they have not told us anything about the world that is both concrete and truly surprising, either in

928-677: The same technique was employed to detect transitions from laminar (i.e. regular) to turbulent (i.e. chaotic) phases as well as differences between macroeconomic variables and highlight hidden features of economic dynamics. Finally, chaos could help in modeling how economy operate as well as in embedding shocks due to external events such as COVID-19. For an updated account on the tools and the results obtained by empirically calibrating and testing deterministic chaotic models (e.g. Kaldor-Kalecki, Goodwin, Harrod ), see Orlando et al. According to Colander (2000) , Colander, Holt & Rosser (2004) , and Davis (2008) contemporary mainstream economics

960-403: The same term [REDACTED] This disambiguation page lists articles associated with the title OEC . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=OEC&oldid=1242226303 " Category : Disambiguation pages Hidden categories: Short description

992-459: The summer of 2021, bringing subnational data from regions and provinces from over 20 major countries. This new version also gives users the ability to pay for both pro and premium subscription. The pro subscription includes access to a rich data explorer as well as the API for programmatic data access while the premium tier gives users the ability to download any of the 20+ subnational datasets newly added to

OEC - Misplaced Pages Continue

1024-456: The years, expanding its technical and analytical capacities. OEC 1.0 (2011-2013) The first version of the OEC focused primarily on creating single visualizations of trade data. At that time, it was a pioneering effort in data visualization and distribution. OEC 2.0 (2013-2015) The second version of the OEC introduced the idea of profiles. These profiles were designed primarily for search engine optimization, but quickly grew into

#414585