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SUMMARY:Economic inequality from a statistical point of view
DTSTART;TZID=Europe/London;VALUE=DATE-TIME:20200616T150000
DTEND;TZID=Europe/London;VALUE=DATE-TIME:20200616T160000
UID:https://talks.ox.ac.uk/talks/id/e5c5f06a-5821-4d3e-a750-234484f95ca8/
DESCRIPTION:Inequality is an important and seemingly inevitable aspect of
the human society. Various manifestations of inequality can be derived fro
m the concept of entropy in statistical physics. In a stylised model of mo
netary economy\, with a constrained money supply implicitly reflecting con
strained resources\, the probability distribution of money among the agent
s converges to the exponential Boltzmann-Gibbs law due to entropy maximisa
tion. Our empirical data analysis shows that income distributions in the U
SA\, European Union\, and other countries exhibit a well-defined two-class
structure. The majority of the population (about 97%) belongs to the lowe
r class characterised by the exponential ("thermal") distribution\, which
we recently observed in the data for 67 countries around the world. In con
trast\, the upper class (about 3% of the population) is characterised by t
he Pareto power-law ("superthermal") distribution\, and its share of the t
otal income expands and contracts dramatically during booms and busts in f
inancial markets. Globally\, energy consumption (and CO2 emissions) per ca
pita around the world shows decreasing inequality in the last 30 years and
convergence toward the exponential probability distribution\, as expected
from the maximal entropy principle.
LOCATION:Venue to be announced
URL:https://talks.ox.ac.uk/talks/id/e5c5f06a-5821-4d3e-a750-234484f95ca8/
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DESCRIPTION:Talk:Economic inequality from a statistical point of view
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