IDEAS home Printed from https://ideas.repec.org/p/wpa/wuwpmi/0408003.html
   My bibliography  Save this paper

Laser Welfare: First Steps in Econodynamic Engineering

Author

Listed:
  • 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.

Suggested Citation

  • Geoff Willis, 2004. "Laser Welfare: First Steps in Econodynamic Engineering," Microeconomics 0408003, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpmi:0408003
    Note: Type of Document - pdf; pages: 26 , 7
    as

    Download full text from publisher

    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mic/papers/0408/0408003.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Geoff Willis & Juergen 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," Microeconomics 0408001, University Library of Munich, Germany.
    2. Foley Duncan K., 1994. "A Statistical Equilibrium Theory of Markets," Journal of Economic Theory, Elsevier, vol. 62(2), pages 321-345, April.
    3. 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.
    4. Levy, Haim & Levy, Moshe & Solomon, Sorin, 2000. "Microscopic Simulation of Financial Markets," Elsevier Monographs, Elsevier, edition 1, number 9780124458901, August.
    5. Peter Richmond & Sorin Solomon, 2000. "Power Laws are Boltzmann Laws in Disguise," Papers cond-mat/0010222, arXiv.org.
    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.
    7. Wataru Souma, 2000. "Universal Structure of the Personal Income Distribution," Papers cond-mat/0011373, arXiv.org.
    8. Arnab Chatterjee & Bikas K. Chakrabarti & S. S. Manna, 2003. "Money in Gas-Like Markets: Gibbs and Pareto Laws," Papers cond-mat/0311227, arXiv.org.
    9. Sorin Solomon & Peter Richmond, 2001. "Power Laws of Wealth, Market Order Volumes and Market Returns," Papers cond-mat/0102423, arXiv.org, revised Apr 2001.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Income distribution; Welfare; Boltzmann distribution; econophysics; econodynamics;

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D2 - Microeconomics - - Production and Organizations
    • D3 - Microeconomics - - Distribution
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpmi:0408003. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA). General contact details of provider: https://econwpa.ub.uni-muenchen.de .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.