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TopA lot of work had been done by researchers to visualize social network analysis such a COMMETRIX, Gephi, Social Network Image Animator, JUNG, Keyhubs, etc., but few works have been concentrated on economic network analysis. For instance, COMMETRIX one of the social network analysis’s was developed by researchers from Technical University, Berlin, to dynamically analyze electronic document among the users. JUNG was developed for the purpose of providing a common and extensible language for the modeling, analysis, and visualization of relational data.
A major innovation in economic network analysis has been the use of methods stemming from graph theory to describe and study relations between economic agents in the network. It was assumed that economic agents can interact and trade with other agents which become quite unrealistic for large economic network independence distribution. Slikker and Van Den Nouweland (2001) viewed economic network as an independence distribution in which customers interact only with their neighbours. In this era of information technology, neighbours might be similar firms within the same industry, but these firms will then be linked either through customers or suppliers with firms in other industries. Through these connections, innovation and awareness of the product will diffuse throughout the system. The rate and extent of this diffusion then depends on the model, structure and connectivity of the economic network distribution.
Goyal (2007) emphasized that an hierarchical formal organization can centrally coordinate and distribute products efficiently among the egos in the system. He said that hierarchical design facilitates changes which scalability is a major goal. He recommended hierarchical model because modularity in the system enables to create and design an element for consistently expanding and growth.