Related papers: Can we predict long-run economic growth?
Data describing historical growth of income per capita [Gross Domestic Product per capita (GDP/cap)] for the world economic growth and for the growth in Western Europe, Eastern Europe, Asia, former USSR, Africa and Latin America are…
We use the logistic equation to model the dynamics of the GDP and the trade of the six countries with the highest GDP in the world, namely, USA, China, Japan, Germany, UK and India. From the modelling of the economic data, which are made…
Data describing the growth of the world population in the past 12,000 years are analysed. It is shown that, if unchecked, population does not increase exponentially but hyperbolically. This analysis reveals three approximately-determined…
This paper uses new and recently introduced mathematical techniques to undertake a data-driven study on the systemic nature of global inflation. We start by investigating country CPI inflation over the past 70 years. There, we highlight the…
A transformation network describes how one set of resources can be transformed into another via technological processes. Transformation networks in economics are useful because they can highlight areas for future innovations, both in terms…
Earlier meta-analyses of the economic impact of climate change are updated with more data, with three new results: (1) The central estimate of the economic impact of global warming is always negative. (2) The confidence interval about the…
A continuous process of creation of particles is investigated as a possible connection between the inflationary stage with late cosmic acceleration. In this model, the inflationary era occurs due to a continuous and fast process of creation…
A new model that combines economic growth rate fluctuations at the microscopic and macroscopic level is presented. At the microscopic level, firms are growing at different rates while also being exposed to idiosyncratic shocks at the firm…
We analyze wealth condensation for a wide class of stochastic economy models on the basis of the economic analog of thermodynamic potentials, termed transfer potentials. The economy model is based on three common transfers modes of wealth:…
We have found an empirical law for the variation of the length of the Earth's day with geologic time employing Wells's data. We attribute the lengthening of the Earth's day to the present cosmic expansion of the Universe. The prediction of…
An epoch of accelerated expansion, or inflation, in the early universe solves several cosmological problems. While there are many models of inflation only recently has it become possible to discriminate between some of the models using…
Several problems arising in Economics and Finance are analyzed using concepts and quantitative methods from Physics. Here is the abridged abstact: Chapter 1: By analogy with energy, the equilibrium probability distribution of money must…
We present a stylized model with feedback loops for the evolution of a population's wealth over generations. Individuals have both talent and wealth: talent is a random variable distributed identically for everyone, but wealth is a random…
The early Universe inflation is well known as a promising theory to explain the origin of large scale structure of Universe and to solve the early universe pressing problems. For a resonable inflation model, the potential during inflation…
How did it all begin? Although this question has undoubtedly lingered for as long as humans have walked the Earth, the answer still eludes us. Yet since my grandparents were born, scientists have been able to refine this question to a…
Do governments adjust budgetary policy to rising public debt, precluding fiscal unsustainability? Using budget data for 52 industrial and emerging economies since 1990, we apply panel methods accounting for cross-sectional dependence and…
This study presents a computational and theoretical framework inspired by thermodynamic principles to analyze the dynamics of economic inflation within adiabatic and non-adiabatic systems. In a framework referred to as developmental…
A dynamic model of collective consumption and saving decisions made by a finite number of agents with constant but different discount rates is developed. Collective utility is a weighted sum of individual utilities with time-varying utility…
The world is changing at an ever-increasing pace. And it has changed in a much more fundamental way than one would think, primarily because it has become more connected and interdependent than in our entire history. Every new product, every…
From a model-building perspective, the inflationary sector might very well have no direct couplings to other species, apart from inevitable gravitational interactions. Within the context of General Relativity, a thermal universe can still…