Willis, Geoff (2011): Wealth, income, earnings and the statistical mechanics of flow systems.
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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.
|Item Type:||MPRA Paper|
|Original Title:||Wealth, income, earnings and the statistical mechanics of flow systems|
|Keywords:||wealth; earnings; income; entropy; lotka; volterra; dissipative|
|Subjects:||D - Microeconomics > D3 - Distribution > D31 - Personal Income, Wealth, and Their Distributions
D - Microeconomics > D5 - General Equilibrium and Disequilibrium
|Depositing User:||Geoff Willis|
|Date Deposited:||26. May 2011 19:00|
|Last Modified:||14. Feb 2013 08:22|
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