Econophysics Of Wealth Distributions
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Author | : Arnab Chatterjee |
Publisher | : Springer Science & Business Media |
Total Pages | : 251 |
Release | : 2007-06-25 |
Genre | : Business & Economics |
ISBN | : 884700389X |
We all know the hard fact: neither wealth nor income is ever uniform for us all. Justified or not, they are unevenly distributed; few are rich and many are poor! Investigations for more than hundred years and the recent availability of the income distribution data in the internet (made available by the finance ministries of various countries; from the tax return data of the income tax departments) have revealed some remarkable features. Irrespective of many differences in culture, history, language and, to some extent, the economic policies followed in different countries, the income distribution is seen to fol low a particular universal pattern. So does the wealth distribution. Barring an initial rise in population with income (or wealth; for the destitutes), the population decreases either exponentially or in a log-normal way for the ma jority of 'middle income' group, and it eventually decreases following a power law (Pareto law, following Vilfredo Pareto's observation in 1896) for the rich est 5-10 % of the population! This seems to be an universal feature - valid for most of the countries and civilizations; may be in ancient Egypt as well! Econophysicists tried to view this as a natural law for a statistical ma- body-dynamical market system, analogous to gases, liquids or solids: classical or quantum.
Author | : Bikas K. Chakrabarti |
Publisher | : Cambridge University Press |
Total Pages | : 225 |
Release | : 2013-03-07 |
Genre | : Business & Economics |
ISBN | : 1107013445 |
The first monograph in econophysics focussed on the analyses and modelling of these distributions, ideal for physicists and economists.
Author | : Chakrabarti, Bikas K. Chakrabarti |
Publisher | : |
Total Pages | : 214 |
Release | : 2013 |
Genre | : Econophysics |
ISBN | : |
The distribution of wealth and income is never uniform, and philosophers and economists have tried for years to understand the reasons and formulate remedies for such inequalities. This book introduces the elegant and intriguing kinetic exchange models that physicists have developed to tackle these issues. This is the first monograph in econophysics focussed on the analyses and modelling of these distributions, and is ideal for physicists and economists. It is written in simple, lucid language, with plenty of illustrations and in-depth analyses, making it suitable for researchers new to this field as well as specialized readers. It explores the origin of economic inequality and examines the scientific steps that can be taken to reduce this inequality in the future"
Author | : Sitabhra Sinha |
Publisher | : John Wiley & Sons |
Total Pages | : 371 |
Release | : 2010-12-06 |
Genre | : Science |
ISBN | : 3527408150 |
Filling the gap for an up-to-date textbook in this relatively new interdisciplinary research field, this volume provides readers with a thorough and comprehensive introduction. Based on extensive teaching experience, it includes numerous worked examples and highlights in special biographical boxes some of the most outstanding personalities and their contributions to both physics and economics. The whole is rounded off by several appendices containing important background material.
Author | : Fabio Clementi |
Publisher | : Springer |
Total Pages | : 190 |
Release | : 2015-12-21 |
Genre | : Business & Economics |
ISBN | : 3319274104 |
This book presents a systematic overview of cutting-edge research in the field of parametric modeling of personal income and wealth distribution, which allows one to represent how income/wealth is distributed within a given population. The estimated parameters may be used to gain insights into the causes of the evolution of income/wealth distribution over time, or to interpret the differences between distributions across countries. Moreover, once a given parametric model has been fitted to a data set, one can straightforwardly compute inequality and poverty measures. Finally, estimated parameters may be used in empirical modeling of the impact of macroeconomic conditions on the evolution of personal income/wealth distribution. In reviewing the state of the art in the field, the authors provide a thorough discussion of parametric models belonging to the “κ-generalized” family, a new and fruitful set of statistical models for the size distribution of income and wealth that they have developed over several years of collaborative and multidisciplinary research. This book will be of interest to all who share the belief that problems of income and wealth distribution merit detailed conceptual and methodological attention.
Author | : Bikas K. Chakrabarti |
Publisher | : John Wiley & Sons |
Total Pages | : 648 |
Release | : 2007-02-27 |
Genre | : Science |
ISBN | : 352760958X |
Using tricks to handle coupled nonlinear dynamical many-body systems, several advancements have already been made in understanding the behavior of markets/economic/social systems and their dynamics. The book intends to provide the reader with updated reviews on such major developments in both econophysics and sociophysics, by leading experts in the respective fields. This is the first book providing a panoramic view of these developments in the last decade.
Author | : Baron de Laune Anne-Robert-Jacques Turgot |
Publisher | : Good Press |
Total Pages | : 89 |
Release | : 2021-04-10 |
Genre | : Nature |
ISBN | : |
This book is an economic treatise written by Baron de Laune Anne-Robert-Jacques Turgot a French economist and statesman. An early proponent of economic liberalism and a key figure in the field of political economy. The book contains the seeds of many concepts that Smith, Ricardo, Marx, and numerous others would later develop and criticize.
Author | : Marcelo Byrro Ribeiro |
Publisher | : Cambridge University Press |
Total Pages | : 335 |
Release | : 2020-03-26 |
Genre | : Business & Economics |
ISBN | : 1108850707 |
Econophysics has been used to study a range of economic and financial systems. This book uses the econophysical perspective to focus on the income distributive dynamics of economic systems. It focuses on the empirical characterization and dynamics of income distribution and its related quantities from the epistemological and practical perspectives of contemporary physics. Several income distribution functions are presented which fit income data and results obtained by statistical physicists on the income distribution problem. The book discusses two separate research traditions: the statistical physics approach, and the approach based on non-linear trade cycle models of macroeconomic dynamics. Several models of distributive dynamics based on the latter approach are presented, connecting the studies by physicists on distributive dynamics with the recent literature by economists on income inequality. As econophysics is such an interdisciplinary field, this book will be of interest to physicists, economists, statisticians and applied mathematicians.
Author | : Michael Schneider |
Publisher | : Edward Elgar Publishing |
Total Pages | : 229 |
Release | : 2016-11-25 |
Genre | : Business & Economics |
ISBN | : 1783476443 |
This book answers a number of important questions about the distribution of wealth among people and the way that this distribution has changed over time. It provides a comprehensive analysis of the personal distribution of wealth from many dimensions: economic, statistical, ethical, political, sociological and legal. Using data from 21 countries, this book demonstrates how inequality in the distribution of wealth varies between different parts of the world and how it evolves, with particular emphasis on the claim that there has been a long-term and continued increase in inequality since the 1970s in most countries. It discusses alternative ways of measuring the degree of inequality, analyses Thomas Piketty's claim that society has become more unequal in recent decades, and assesses the relative importance of the various determinants of the distribution of wealth. The authors explain why the distribution of wealth is unequal, and discuss how it could be changed with alternative policies and the possible consequences of these policies for economic efficiency. The authors also compare the different distributions of wealth that are implied by alternative views of society. This is a valuable resource for students and academics in economics, political science and sociology seeking a state-of-the-art account of the theory and evidence surrounding inequality in the distribution of wealth.
Author | : Mauro Baranzini |
Publisher | : Oxford University Press |
Total Pages | : 296 |
Release | : 1991 |
Genre | : Business & Economics |
ISBN | : 9780198233138 |
This volume provides a general framework for a macroeconomic theory of income distribution and wealth distribution and accumulation. The book is divided into two parts. In the first the author surveys the sets of literature on the subject and relates them to each other. In the second part he makes his own contribution by presenting a new model which uses both neo-classical and post-Keynesian analytical tools. The author focuses on the laws which regulate the behavior of individuals and social groups within a given institutional set-up, and in particular those which regulate the accumulation of inter-generational wealth and life-cycle savings of families or dynasties, both in a deterministic and stochastic context. The theoretical issue of savings accumulation is reconsidered, alongside income distribution, and profit determination by concentrating on the historical reasons that are at the basis of "class distinction," as well as "generation distinction," in modern economic analysis.