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This book is open access under a CC BY-NC 4.0 license. This
collected volume represents the final outcome of the COST Action
IS1104 "The EU in the new complex geography of economic systems:
models, tools and policy evaluation". Visualizing the EU as a
complex and multi-layered network, the book is organized in three
parts, each of them dealing with a different level of analysis: At
the macro-level, Part I considers the interactions within large
economic systems (regions or countries) involving trade, workers
migration, and other factor movements. At the meso-level, Part II
discusses interactions within specific but wide-ranging markets,
with a focus on financial markets and banking systems. Lastly, at
the micro-level, Part III explores the decision-making of single
firms, especially in the context of location decisions.
The uneven geographical distribution of economic activities is a
huge challenge worldwide and also for the European Union. In
Krugman’s New Economic Geography economic systems have a simple
spatial structure. This book shows that more sophisticated models
should visualise the EU as an evolving trade network with a
specific topology and different aggregation levels. At the highest
level, economic geography models give a bird eye’s view of
spatial dynamics. At a medium level, institutions shape the economy
and the structure of (financial and labour) markets. At the lowest
level, individual decisions interact with the economic, social and
institutional environment; the focus is on firms’ decision on
location and innovation. Such multilevel models exhibit complex
dynamic patterns – path dependence, cumulative causation,
hysteresis – on a network structure; and specific analytic tools
are necessary for studying strategic interaction, heterogeneity and
nonlinearities.
The uneven geographical distribution of economic activities is a
huge challenge worldwide and also for the European Union. In
Krugman's New Economic Geography economic systems have a simple
spatial structure. This book shows that more sophisticated models
should visualise the EU as an evolving trade network with a
specific topology and different aggregation levels. At the highest
level, economic geography models give a bird eye's view of spatial
dynamics. At a medium level, institutions shape the economy and the
structure of (financial and labour) markets. At the lowest level,
individual decisions interact with the economic, social and
institutional environment; the focus is on firms' decision on
location and innovation. Such multilevel models exhibit complex
dynamic patterns - path dependence, cumulative causation,
hysteresis - on a network structure; and specific analytic tools
are necessary for studying strategic interaction, heterogeneity and
nonlinearities.
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