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Evidence for the Independence of Waged and Unwaged Income, Evidence for Boltzmann Distributions in Waged Income, and the Outlines of a Coherent Theory of Income Distribution

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  • G. Willis
  • J. Mimkes

Abstract

Two sets of high quality income data are analysed in detail, one set from the UK, one from the USA. It is firstly demonstrated that both a log-normal distribution and a Boltzmann distribution can give very accurate fits to both these data sets. The absence of a power tail in the US data set is then discussed. Taken in conjunction with detailed evidence from the UK and Japanese income data, a strong case is made for the mathematically separate treatment of waged and unwaged income. The authors present a case for preferring the use of the Boltzmann distribution over the log-normal function, this leads to a brief review of the work of a number of researchers, which shows that a coherent theory for the distribution of all income can be postulated.

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Paper provided by arXiv.org in its series Papers with number cond-mat/0406694.

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Date of creation: Jun 2004
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Handle: RePEc:arx:papers:cond-mat/0406694

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  1. Jean-Philippe Bouchaud & Marc Mezard, 2000. "Wealth condensation in a simple model of economy," Science & Finance (CFM) working paper archive 500026, Science & Finance, Capital Fund Management.
  2. Bouchaud, Jean-Philippe & Mézard, Marc, 2000. "Wealth condensation in a simple model of economy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 282(3), pages 536-545.
  3. Wataru Souma, 2000. "Universal Structure of the Personal Income Distribution," Papers cond-mat/0011373, arXiv.org.
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Cited by:
  1. F. Clementi & M. Gallegati & G. Kaniadakis, 2006. "k-Generalized Statistics in Personal Income Distribution," Papers physics/0607293, arXiv.org, revised Feb 2007.
  2. Fabio Clementi & Mauro Gallegati, 2005. "Pareto's Law of Income Distribution: Evidence for Grermany, the United Kingdom, and the United States," Microeconomics 0505006, EconWPA.
  3. Geoff Willis, 2004. "Laser Welfare: First Steps in Econodynamic Engineering," Microeconomics 0408003, EconWPA.
  4. Chakrabarti, Anindya S. & Chakrabarti, Bikas K., 2010. "Statistical theories of income and wealth distribution," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 4(4), pages 1-31.
  5. N. J. Moura & M. B. Ribeiro, 2009. "Evidence for the Gompertz curve in the income distribution of Brazil 1978–2005," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 67(1), pages 101-120, January.
  6. Venkat Venkatasubramanian, 2010. "What is Fair Pay for Executives? An Information Theoretic Analysis of Wage Distributions," Papers 1002.2269, arXiv.org.
  7. Arnab Chatterjee & Bikas K Chakrabarti, 2005. "Ideal-Gas Like Markets: Effect of Savings," Papers physics/0507136, arXiv.org, revised Jul 2005.

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