Related papers: Thermodynamic description of world GDP distributio…
The problem of the new energy economy has become a global hot issue. This study examines the causal relationship between the ratio of thermal power in total power generation (RTPG) and economic growth (GDP) in the western and central China…
Urban scaling theory explains the increasing returns to scale of urban wealth indicators by the per capita increase of human interactions within cities. This explanation implicitly assumes urban areas as isolated entities and ignores their…
The prevalence of wealth inequality propels us to characterize its origin and progression, via empirical and theoretical studies. The Yard-Sale(YS) model, in which a portion of the smaller wealth is transferred between two individuals,…
We analyze the fluctuations in the gross domestic product (GDP) of 152 countries for the period 1950--1992. We find that (i) the distribution of annual growth rates for countries of a given GDP decays with ``fatter'' tails than for a…
GDP is a vital measure of a country's economic health, reflecting the total value of goods and services produced. Forecasting GDP growth is essential for economic planning, as it helps governments, businesses, and investors anticipate…
This paper combines ideas from classical economics and modern finance with the general Lotka-Volterra models of Levy & Solomon to provide straightforward explanations of wealth and income distributions. Using a simple and realistic economic…
Thermalization of isolated quantum systems is an intriguing phenomenon at the forefront of contemporary physics. In this work, we demonstrate that nonlinear multimode optical platforms can be harnessed to induce effective quantum…
Several tiers of social organization with varying economic and social disparities have been observed. However, a quantitative characterization of the types and the causal mechanisms for the transitions have hardly been explained. While…
The problem of Jeans gravitational instability is investigated for static and expanding universes within the context of the five and thirteen field theories which account for viscous and thermal effects. For the five-field theory a general…
This article addresses the origins of income inequality in post-socialist countries from Central and Eastern Europe and Central Asia, from 1991 to 2016. The aim is to analyze the relationship between democracy and income inequality. In…
This study constructs a growth model of the Great Divergence that formalizes Pomeranz's (2000) hypothesis that the relief of land constraints in Europe has caused divergence in economic growth between Europe and China since the 19th…
The first part of this paper is a brief survey of the approaches to economic inequality based on ideas from statistical physics and kinetic theory. These include the Boltzmann kinetic equation, the time-reversal symmetry, the ergodicity…
A class of conserved models of wealth distributions are studied where wealth (or money) is assumed to be exchanged between a pair of agents in a population like the elastically colliding molecules of a gas exchanging energy. All sorts of…
Economic competition between humans leads to income inequality, but, so far, there has been little understanding of underlying quantitative mechanisms governing such a collective behavior. We analyze datasets of household income from 67…
Income and wealth distribution affect stability of a society to a large extent and high inequality affects it negatively. Moreover, in the case of developed countries, recently has been proven that inequality is closely related to all…
Different shares of distinct commodity sectors in production, trade, and consumption illustrate how resources and capital are allocated and invested. Economic progress has been claimed to change the share distribution in a universal manner…
Classical economics has developed an arsenal of methods, based on the idea of representative agents, to come up with precise numbers for next year's GDP, inflation and exchange rates, among (many) other things. Few, however, will disagree…
Firm growth process in the developing economies is known to produce divergence in their growth path giving rise to bimodality in the size distribution. Similar bimodality has been observed in wealth distribution as well. Here, we introduce…
We present a model of financial markets originally proposed for a turbulent flow, as a dynamic basis of its intermittent behavior. Time evolution of the price change is assumed to be described by Brownian motion in a power-law potential,…
The international trade is one of the classic areas of study in economics. Nowadays, given the availability of data, the tools used for the analysis can be complemented and enriched with new methodologies and techniques that go beyond the…