The Art of Economic Complexity – NYTimes.com

These data visualizations by Cesar A. Hidalgo of the MIT Media Lab help explain the variety and complex structure of our economic diversity:

Strip away the mathematical language of economists, and conventional theories of economic growth are rather crude. Economies produce “stuff,” and if you want more stuff to come out of the process, put more stuff in (like human capital, say). Yet economies do not produce stuff so much as billions of distinct types of goods — perhaps 10 billion, according to Eric Beinhocker of the McKinsey Global Institute — ranging from size 34 dark stonewash bootcut jeans to beauty therapies involving avocado. The difference between China’s economy and that of the United States is not simply that China’s is smaller; it has a different structure entirely.

via The Art of Economic Complexity – NYTimes.com.

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