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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"Getting Income Shares Right,"
Department of Economics Working Papers
2001-11, Department of Economics, Williams College.
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