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We propose a stochastic map model of economic dynamics. In the last decade, an array of observations in economics has been investigated in the econophysics literature, a major example being the universal features of inequality in terms of…

In capitalist societies, only a single right can be fully exerted without constraints of any kind: the limitless accumulation of wealth. Such imperative or prime axiom is the ultimate cause of the raising waves of inequalities observed…

Decades of research in machine learning have given us powerful tools for making accurate predictions. But when used in social settings and on human inputs, better accuracy does not immediately translate to better social outcomes. To…

We study dynamic mechanism design in a pure-exchange economy with privately observed idiosyncratic income. In the standard infinitely lived hidden-income benchmark of Green (1987) and Thomas-Worrall (1990), constrained-efficient allocations…

This paper is the first attempt to formalize a new field of economics; studding the Intangibles Goods available on the Internet. We are taking advantage of the digital world's specific rules, in particular the zero marginal cost, to propose…

While optimal taxation theory provides clear prescriptions for tax design, translating these insights into actual tax codes remains difficult. Existing work largely offers theoretical characterizations of optimal systems, while practical…

This paper considers the core of a competitive market economy with an endogenous social division of labour. The theory is founded on the notion of a "consumer-producer", who consumes as well as produces commodities. First, we show that the…

We propose and study a stochastic capital-labour model with logistic growth function. First, we show that the model has a unique positive global solution. Then, using the Lyapunov analysis method, we obtain conditions for the extinction of…

We analyze the decisive role played by the complexity of economic systems at the onset of the industrialization process of countries over the past 50 years. Our analysis of the input growth dynamics, based on a recently introduced measure…

We discuss the distribution of commuting distances and its relation to income. Using data from Denmark, the UK, and the US, we show that the commuting distance is (i) broadly distributed with a slow decaying tail that can be fitted by a…

Bikes are among the healthiest, greenest, and most affordable means of transportation for a better future city, but mobility patterns of riders with different income were rarely studied due to limitations on collecting data. Newly emergent…

This study simulates the evolution of artificial economies in order to understand the tax relevance of administrative boundaries in the quality of life of its citizens. The modeling involves the construction of a computational algorithm,…

This paper studies identification and inference of the welfare gain that results from switching from one policy (such as the status quo policy) to another policy. The welfare gain is not point identified in general when data are obtained…

Occupational mobility is an emergent strategy to cope with technological unemployment by facilitating efficient labor redeployment. However, previous studies analyzing networks show that the boundaries to smooth mobility are constrained by…

The welfare of modern societies has been intrinsically linked to wage labour. With some exceptions, the modern human has to sell her labour-power to be able reproduce biologically and socially. Thus, a lingering fear of technological…

We propose a novel definition of model exploitation in reinforcement learning. Informally, a world model is exploitable if it implies that one policy should be strictly preferred over another while the environment's true transition model…

This paper develops a new generation of the Keynesian Intertemporal Synthesis (KIS) Model, a macroeconomic framework designed to reconcile the empirical strengths of the Post-Keynesian (PK) and New Keynesian (NK) traditions. The central…

It is a widely observed phenomenon that wealth is distributed significantly more unequal than wages. In this paper we study this phenomenon using a new extension of P\'olyas urn, modelling wealth growth through wages and capital returns. We…

Labor share, the fraction of economic output accrued as wages, is inexplicably declining in industrialized countries. Whilst numerous prior works attempt to explain the decline via economic factors, our novel approach links the decline to…

We introduce a simple model of economy, where the time evolution is described by an equation capturing both exchange between individuals and random speculative trading, in such a way that the fundamental symmetry of the economy under an…