The relationship between firms' growth rates and firm size distribution has been extensively analyzed in the literature. In particular, the breakdown of Gibrat law for medium and small firms has been identified as the reason for the emergence of a power law only in right tail of the size...

During my last conversation with Masanao Aoki, he told me that the concept of non-self averaging in statistical physics, frequently appearing in economic and financial systems, has important consequences to policy implication. Zipf's law in firms-size distribution is one of such examples. Recent...