Open AccessA fractional perspective to the bond graph modelling of world economies
Author(s) -
J. A. Tenreiro Machado,
María Eugénia Mata
Publication year - 2014
Publication title -
nonlinear dynamics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.252
H-Index - 118
eISSN - 1573-269X
pISSN - 0924-090X
DOI - 10.1007/s11071-014-1334-0
Subject(s) - bond graph , macro , bond , perspective (graphical) , graph theory , graph , globalization , representation (politics) , economics , econometrics , order (exchange) , computer science , mathematical economics , mathematics , theoretical computer science , political science , combinatorics , artificial intelligence , finance , market economy , politics , law , programming language
Inspired in dynamic systems theory and Brewer’s contributions to apply it to economics, this paper establishes a bond graph model. Two main variables, a set of inter-connectivities based on nodes and links (bonds) and a fractional order dynamical perspective, prove to be a good macro-economic representation of countries’ potential performance in nowadays globalization. The estimations based on time series for 50 countries throughout the last 50 decades confirm the accuracy of the model and the importance of scale for economic performance
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