Photo: Atlas of Economic Complexity
The products we use everyday are complex combinations of specialised knowledge.Harvard and MIT released a report, “The Atlas of Economic Complexity,” visually mapping the vast knowledge contained within the products we use. And then they show how complex products benefit a country’s economy and growth.
Simple products are natural resources that require less people with specialised knowledge, such as oil or soybeans.
Complex products require many people with specialised knowledge to research, design, develop, and invent, such as cars and computers.
Each person with specialised knowledge is a personbyte. Add these people together to get peoplebytes. Get the the right mix of peoplebytes, and a country’s Economic Complexity Index (ECI) increases, as well as their economy and contribution to global growth.