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A fractional perspective to the bond graph modelling of world economies

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Abstract

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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Authors and Affiliations

  1. Dept. Electrical Engineering, Institute of Engineering, Polytechnic of Porto, Rua Dr. Antonio Bernardino de Almeida, 431, 4200-072 , Porto, Portugal

    J. A. Tenreiro Machado

  2. Faculdade de Economia, Nova SBE, Universidade Nova de Lisboa, Campus de Campolide, Travessa Estevão Pinto, 1099-032 , Lisbon, Portugal

    Maria Eugénia Mata

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Machado, J.A.T., Mata, M.E. A fractional perspective to the bond graph modelling of world economies. Nonlinear Dyn 80, 1839–1852 (2015). https://doi.org/10.1007/s11071-014-1334-0

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