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Damásio, B. & Mendonça, S. (2023). Leader-follower dynamics in real historical time: A Markovian test of non-linear causality between sail and steam (co-)developmentt. Applied Economics. 55 (17), 1908-1918
B. Damásio and S. M. Mendonça, "Leader-follower dynamics in real historical time: A Markovian test of non-linear causality between sail and steam (co-)developmentt", in Applied Economics, vol. 55, no. 17, pp. 1908-1918, 2023
@article{damásio2023_1732205963661, author = "Damásio, B. and Mendonça, S.", title = "Leader-follower dynamics in real historical time: A Markovian test of non-linear causality between sail and steam (co-)developmentt", journal = "Applied Economics", year = "2023", volume = "55", number = "17", doi = "10.1080/00036846.2022.2100868", pages = "1908-1918", url = "https://www.tandfonline.com/doi/full/10.1080/00036846.2022.2100868" }
TY - JOUR TI - Leader-follower dynamics in real historical time: A Markovian test of non-linear causality between sail and steam (co-)developmentt T2 - Applied Economics VL - 55 IS - 17 AU - Damásio, B. AU - Mendonça, S. PY - 2023 SP - 1908-1918 SN - 0003-6846 DO - 10.1080/00036846.2022.2100868 UR - https://www.tandfonline.com/doi/full/10.1080/00036846.2022.2100868 AB - The most dramatic changes in modern shipping occurred with the application of new industrial-age technologies to oceanic transportation. In metal-hulled and engine-powered trading platforms, industrial-age steamers (especially tramps and liners) lead to marked increases in the average tonnage of a typical vessel crossing the seas of an expanding global economy. Some of the most important developments had to do with the substitution of traditional wind-driven ships by successive cohorts of vessels exploiting the comparative advantages of mechanization. In this paper, we deploy a set of both established and less-orthodox quantitative approaches to historical commercial shipping time-series so as to model the (complex) relationship between steam and sail performance. We find that, indeed, there is evidence of leader-follower dynamics during the later part of 19th century. This process of ‘creative destruction’ was non-linea ER -