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Laser Welfare: First Steps in Econodynamic Engineering

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Author Info

  • Geoff Willis

    (RiskAMT)

Abstract

The paper starts with a brief review of present understanding of income distributions; especially with regard to recent work in the field of econophysics that draws parallels between income, wealth and energy distributions. Examples of alternative energy distributions found in physical systems are discussed, and how they could be used to construct economic models that might allow alternative overall distributions of wealth and income in society. These ideas are further expanded and a more detailed scheme for welfare assistance is proposed that might be used to improve the incomes of the poorest in a more efficient way than traditional welfare schemes. Finally, and unusually for a paper on economics; an experiment is proposed that could be used to either support or disprove the ideas discussed in the rest of the paper.

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File URL: http://128.118.178.162/eps/mic/papers/0408/0408003.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Microeconomics with number 0408003.

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Length: 26 pages
Date of creation: 19 Aug 2004
Date of revision:
Handle: RePEc:wpa:wuwpmi:0408003

Note: Type of Document - pdf; pages: 26 , 7
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Web page: http://128.118.178.162

Related research

Keywords: Income distribution; Welfare; Boltzmann distribution; econophysics; econodynamics;

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  1. Peter Richmond & Sorin Solomon, 2000. "Power Laws are Boltzmann Laws in Disguise," Papers cond-mat/0010222, arXiv.org.
  2. G. Willis & J. Mimkes, 2004. "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," Papers cond-mat/0406694, arXiv.org.
  3. Arnab Chatterjee & Bikas K. Chakrabarti & S. S. Manna, 2003. "Money in Gas-Like Markets: Gibbs and Pareto Laws," Papers cond-mat/0311227, arXiv.org.
  4. repec:sfi:sfiwpa:500026 is not listed on IDEAS
  5. Foley Duncan K., 1994. "A Statistical Equilibrium Theory of Markets," Journal of Economic Theory, Elsevier, vol. 62(2), pages 321-345, April.
  6. Wataru Souma, 2000. "Universal Structure of the Personal Income Distribution," Papers cond-mat/0011373, arXiv.org.
  7. 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.
  8. Sorin Solomon & Peter Richmond, 2001. "Power Laws of Wealth, Market Order Volumes and Market Returns," Papers cond-mat/0102423, arXiv.org, revised Apr 2001.
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