Wealth rheology
Theoretical Economics
2021-07-02 v2 Physics and Society
Abstract
We study wealth rank correlations in a simple model of macro-economy. To quantify rank correlations between wealth rankings at different times, we use Kendall's and Spearman's , Goodman--Kruskal's , and the lists' overlap ratio. We show that the dynamics of wealth flow and the speed of reshuffling in the ranking list depend on parameters of the model controlling the wealth exchange rate and the wealth growth volatility. As an example of the rheology of wealth in real data, we analyze the lists of the richest people in Poland, Germany, the USA and the world.
Keywords
Cite
@article{arxiv.2105.08048,
title = {Wealth rheology},
author = {Zdzislaw Burda and Malgorzata J. Krawczyk and Krzysztof Malarz and Malgorzata Snarska},
journal= {arXiv preprint arXiv:2105.08048},
year = {2021}
}
Comments
13 pages, 5 figures, for "Entropy and Social Physics", https://www.mdpi.com/journal/entropy/special_issues/Social_Physics