Wealth, income, earnings and the statistical mechanics of flow systems
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.
|Date of creation:||26 May 2011|
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- 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.
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- 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.
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