Logistic modelling of economic dynamics
Abstract
We demonstrate the effectiveness of the logistic function to model the evolution of two economic systems. The first is the GDP and trade growth of the USA, and the second is the revenue and human resource growth of IBM. Our modelling is based on the World Bank data in the case of the USA, and on the company data in the case of IBM. The coupled dynamics of the two relevant variables in both systems - GDP and trade for the USA, and revenue and human resource for IBM - follows a power-law behaviour.
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