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  3. Income Distribution Dynamics of Economic Systems
  • Cited by 11
Publisher:
Cambridge University Press
Online publication date:
February 2020
Print publication year:
2020
Online ISBN:
9781316136119
DOI:
https://doi.org/10.1017/9781316136119
Subjects:
Economics, Econophysics and Financial Physics, Physics and Astronomy, Econometrics and Mathematical Methods
Information

Book description

Econophysics has been used to study a range of economic and financial systems. This book uses the econophysical perspective to focus on the income distributive dynamics of economic systems. It focuses on the empirical characterization and dynamics of income distribution and its related quantities from the epistemological and practical perspectives of contemporary physics. Several income distribution functions are presented which fit income data and results obtained by statistical physicists on the income distribution problem. The book discusses two separate research traditions: the statistical physics approach, and the approach based on non-linear trade cycle models of macroeconomic dynamics. Several models of distributive dynamics based on the latter approach are presented, connecting the studies by physicists on distributive dynamics with the recent literature by economists on income inequality. As econophysics is such an interdisciplinary field, this book will be of interest to physicists, economists, statisticians and applied mathematicians.

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