Fractional State Space Analysis of Economy Systems

Machado, J.A.Tenreiro; Mata, Maria Eugénia; Lopes, António Mendes

http://hdl.handle.net/10400.22/6968

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Authors

Machado, J.A.Tenreiro

Mata, Maria Eugénia

Lopes, António Mendes

Abstract(s)

This paper examines modern economic growth according to the multidimensional scaling (MDS) method and state space portrait (SSP) analysis. Electing GDP per capita as the main indicator for economic growth and prosperity, the long-run perspective from 1870 to 2010 identifies the main similarities among 34 world partners’ modern economic growth and exemplifies the historical waving mechanics of the largest world economy, the USA. MDS reveals two main clusters among the European countries and their old offshore territories, and SSP identifies the Great Depression as a mild challenge to the American global performance, when compared to the Second World War and the 2008 crisis.