Market Typology and Economic Growth Dynamics

Анотація

It is found that the diversity of the market economy (perfect competition, monopoly, oligopoly and monopolistic competition) is the key to endogenous adaptation in the study of economic evolution through computer modeling. The study is based on the authors’ multidimensional dynamic model, which covers the effects of foreign trade, international capital and labor movements, sectoral interrelationships, and other factors of government regulation. The numerical results of this modeling were compared (for validation purposes) with the data obtained using orthodox one-dimensional models of nonlinear economic dynamics. The empirical field of our computer study included information on 150 countries, which allowed us to draw statistically significant conclusions about the dependence of economic growth on the type of market. The accuracy of the models was assessed using various metrics, including absolute and relative error rates. The involvement of an expanded set of variables characterizing the market structure has significantly improved the accuracy of digital modeling of economic growth. In particular, the results obtained indicate a significant reduction in forecasting errors compared to traditional approaches, which not only emphasizes the importance of taking into account the market structure in macroeconomic research, but also demonstrates the feasibility of adaptive modeling.

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