The distributions of income and wealth in countries across the world are found to possess some robust and stable features independent of the specific economic, social and political conditions of the countries. We discuss a few physics-inspired multi-agent dynamic models along with their...

The distributions of income and wealth in countries across the world are found to possess some robust and stable features independent of the specific economic, social and political conditions of the countries. We discuss a few physics-inspired multi-agent dynamic models along with their...

We propose a stochastic map model of economic dynamics. In the past decade, an array of observations in economics has been investigated in the econophysics literature, a major example being the universal features of inequality in terms of income and wealth. Another area of enquiry is the...

"The distribution of wealth and income is never uniform, and philosophers and economists have tried for years to understand the reasons and formulate remedies for such inequalities. This book introduces the elegant and intriguing kinetic exchange models that physicists have developed to tackle...

We show that there is a common mode of origin for the power laws observed in two different models: (i) the Pareto law for the distribution of money among the agents with random-saving propensities in an ideal gas-like market model and (ii) the Gutenberg–Richter law for the distribution of...

In this paper, we study the inequality indices for some models of wealth exchange. We calculated Gini index and newly introduced k-index and compare the results with reported empirical data available for different countries. We have found lower and upper bounds for the indices and discuss the...

Understanding the distribution of income and wealth in an economy has been a classic problem in economics for the last hundred years. Apart from the rapidly decaying number density of people with their income crossing over to a robust power law for the very rich, known as the Pareto power-law,...

We analyze the ideal-gas-like models of markets and review the different cases where a ‘savings’ factor changes the nature and shape of the distribution of wealth. These models can produce similar distribution of wealth as observed across varied economies. We present a more realistic model...