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Econophysics of Wealth Distributions

Econophys-Kolkata I

  • Book
  • © 2005

Overview

Editors:
  1. Arnab Chatterjee

    1. Theoretical Condensed Matter Physics Division and Centre for Applied Mathematics and Computational Science, Saha Institute of Nuclear Physics, Kolkata, India

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  2. Sudhakar Yarlagadda

    1. Theoretical Condensed Matter Physics Division and Centre for Applied Mathematics and Computational Science, Saha Institute of Nuclear Physics, Kolkata, India

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  3. Bikas K Chakrabarti

    1. Theoretical Condensed Matter Physics Division and Centre for Applied Mathematics and Computational Science, Saha Institute of Nuclear Physics, Kolkata, India

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Part of the book series: New Economic Windows (NEW)

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Table of contents (28 chapters)

  1. Front Matter

    Pages I-IX
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  3. Models and theories

    1. Front Matter

      Pages 49-49
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    2. Emergent Statistical Wealth Distributions in Simple Monetary Exchange Models: A Critical Review

      • Thomas Lux
      Pages 51-60

    3. Lagrange Principle of Wealth Distribution

      • Jürgen Mimkes, Geoff Willis
      Pages 61-69

    4. Carnot Process of Wealth Distribution

      • Jürgen Mimkes, Yuji Aruka
      Pages 70-78

    5. Ideal-Gas Like Markets: Effect of Savings

      • Arnab Chatterjee, Bikas K Chakrabarti
      Pages 79-92

    6. Kinetic Theory Models for the Distribution of Wealth: Power Law from Overlap of Exponentials

      • Marco Patriarca, Anirban Chakraborti, Kimmo Kaski, Guido Germano
      Pages 93-110

    7. Detailed Simulation Results for Some Wealth Distribution Models in Econophysics

      • K. Bhattacharya, G. Mukherjee, S. S. Manna
      Pages 111-119

    8. Dynamics of Money and Income Distributions

      • Peter Richmond, PrzemysÅ‚aw Repetowicz, Stefan Hutzler
      Pages 120-125

    9. Dynamic Process of Money Transfer Models

      • Yougui Wang, Ning Ding
      Pages 126-136

    10. A Stochastic Trading Model of Wealth Distribution

      • Sudhakar Yarlagadda, Arnab Das
      Pages 137-148

    11. Wealth Distribution in a Network with Correlations Between Links and Success

      • S. Risau Gusman, M. F. Laguna, J. R. Iglesias
      Pages 149-158

    12. The Monomodal, Polymodal, Equilibrium and Nonequilibrium Distribution of Money

      • Juan C. Ferrero
      Pages 159-167

    13. Relieving Poverty by Modifying Income and Wealth Distributions

      • Geoff Willis
      Pages 168-176
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Keywords

About this book

We all know the hard fact: neither wealth nor income is ever uniform for us all. Justified or not, they are unevenly distributed; few are rich and many are poor! Investigations for more than hundred years and the recent availability of the income distribution data in the internet (made available by the finance ministries of various countries; from the tax return data of the income tax departments) have revealed some remarkable features. Irrespective of many differences in culture, history, language and, to some extent, the economic policies followed in different countries, the income distribution is seen to fol­ low a particular universal pattern. So does the wealth distribution. Barring an initial rise in population with income (or wealth; for the destitutes), the population decreases either exponentially or in a log-normal way for the ma­ jority of 'middle income' group, and it eventually decreases following a power law (Pareto law, following Vilfredo Pareto's observation in 1896) for the rich­ est 5-10 % of the population! This seems to be an universal feature - valid for most of the countries and civilizations; may be in ancient Egypt as well! Econophysicists tried to view this as a natural law for a statistical ma- body-dynamical market system, analogous to gases, liquids or solids: classical or quantum.

Editors and Affiliations

  • Theoretical Condensed Matter Physics Division and Centre for Applied Mathematics and Computational Science, Saha Institute of Nuclear Physics, Kolkata, India

    Arnab Chatterjee, Sudhakar Yarlagadda, Bikas K Chakrabarti

Bibliographic Information

  • Book Title: Econophysics of Wealth Distributions

  • Book Subtitle: Econophys-Kolkata I

  • Editors: Arnab Chatterjee, Sudhakar Yarlagadda, Bikas K Chakrabarti

  • Series Title: New Economic Windows

  • DOI: https://doi.org/10.1007/88-470-0389-X

  • Publisher: Springer Milano

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Springer-Verlag Milan 2005

  • Hardcover ISBN: 978-88-470-0329-3Published: 19 July 2005

  • Softcover ISBN: 978-88-470-5547-6Published: 15 November 2014

  • eBook ISBN: 978-88-470-0389-7Published: 25 June 2007

  • Series ISSN: 2039-411X

  • Series E-ISSN: 2039-4128

  • Edition Number: 1

  • Number of Pages: IX, 248

  • Topics: Economics, general, Complex Systems, Statistical Physics and Dynamical Systems

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