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Wealth, income, earnings and the statistical mechanics of flow systems

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  • Willis, Geoff

Abstract

This paper looks at empirical data from economics regarding wealth, earnings and income, alongside a flow model for an economy based on the general Lotka-Volterra models of Levy & Solomon. The data and modelling suggest that a simple economic system might provide a tractable model for giving an exact statistical mechanical solution for an 'out of equilibrium' flow model. This might also include an exact mathematical definition of a 'dissipative structure' derived from maximum entropy considerations. This paper is primarily a qualitative discussion of how such a mathematical proof might be achieved.

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File URL: http://mpra.ub.uni-muenchen.de/31139/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31139.

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Date of creation: 26 May 2011
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Handle: RePEc:pra:mprapa:31139

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Keywords: wealth; earnings; income; entropy; lotka; volterra; dissipative;

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  1. Arnab Chatterjee & Sitabhra Sinha & Bikas K. Chakrabarti, 2007. "Economic Inequality: Is it Natural?," Papers physics/0703201, arXiv.org, revised Mar 2007.
  2. 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.
  3. Arnab Chatterjee & Bikas K. Chakrabarti, 2007. "Kinetic Exchange Models for Income and Wealth Distributions," Papers 0709.1543, arXiv.org, revised Nov 2007.
  4. Douglas Gollin, 2002. "Getting Income Shares Right," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 110(2), pages 458-474, April.
  5. A. Chatterjee & B. K. Chakrabarti, 2007. "Kinetic exchange models for income and wealth distributions," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 60(2), pages 135-149, November.
  6. Bouchaud, Jean-Philippe & M├ęzard, Marc, 2000. "Wealth condensation in a simple model of economy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 282(3), pages 536-545.
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