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Wealth, income, earnings and the statistical mechanics of flow systems

Authors
Publication Date
Keywords
  • D31 - Personal Income
  • Wealth
  • And Their Distributions
  • D5 - General Equilibrium And Disequilibrium
Disciplines
  • Economics
  • Mathematics

Abstract

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.

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