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Socio-economic inequality and prospects of institutional Econophysics

Author

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  • Arnab Chatterjee
  • Asim Ghosh
  • Bikas K Chakrabarti

Abstract

Socio-economic inequality is measured using various indices. The Gini ($g$) index, giving the overall inequality is the most commonly used, while the recently introduced Kolkata ($k$) index gives a measure of $1-k$ fraction of population who possess top $k$ fraction of wealth in the society. This article reviews the character of such inequalities, as seen from a variety of data sources, the apparent relationship between the two indices, and what toy models tell us. These socio-economic inequalities are also investigated in the context of man-made social conflicts or wars, as well as in natural disasters. Finally, we forward a proposal for an international institution with sufficient fund for visitors, where natural and social scientists from various institutions of the world can come to discuss, debate and formulate further developments.

Suggested Citation

  • Arnab Chatterjee & Asim Ghosh & Bikas K Chakrabarti, 2016. "Socio-economic inequality and prospects of institutional Econophysics," Papers 1611.00723, arXiv.org, revised Nov 2016.
    • Handle: RePEc:arx:papers:1611.00723
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