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

Geoff Willis

MPRA Paper from University Library of Munich, Germany

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.

Keywords: wealth; earnings; income; entropy; lotka; volterra; dissipative (search for similar items in EconPapers)
JEL-codes: D31 D5 (search for similar items in EconPapers)
Date: 2011-05-26
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Citations: View citations in EconPapers (2)

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