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DESCRIPTION:Victor Yakovenko\nDepartment of Physics\, University of Marylan
d\, College Park\nBy analogy with the probability distribution of energy i
n statistical physics\, the probability distribution of money among the ag
ents in a closed economic system is expected to follow the exponential Bol
tzmann-Gibbs law\, as a consequence of entropy maximization. \;Analys
is of empirical data shows that income distributions in the USA\, European
Union\, and other countries exhibit a well-defined two-class structure. &
nbsp\;The majority of the population (about 97%) belongs to the lower clas
s characterized by the exponential ('thermal') distribution. \;The up
per class (about 3% of the population) is characterized by the Pareto powe
r-law ('superthermal') distribution\, and its share of the total income ex
pands and contracts dramatically during booms and busts in financial marke
ts. \;Such a two-class distribution can be obtained analytically for
a combination of additive and multiplicative stochastic processes. \;
Globally\, data analysis of energy consumption (and CO2 emission) per capi
ta around the world in the last 30 years shows decreasing inequality and c
onvergence toward the exponential probability distribution\, in agreement
with the maximal entropy principle. \;All papers are available at htt
p://physics.umd.edu/~yakovenk/econophysics/.\n\n
DTSTART:20170907T154500
DTEND:20170907T170000
LOCATION:Physics
SUMMARY:Physics & Astronomy Colloquium: Economic inequality from a statisti
cal physics point of view
URL:https://events.wayne.edu/physics-astronomy/2017/09/07/physics-astronomy
-colloquium-economic-inequality-from-a-statistical-physics-72385/
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