Angle, John (2011): The particle system model of income and wealth more likely to imply an analogue of thermodynamics in social science.

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Abstract
The Inequality Process (IP) and the Saved Wealth Model (SW) are particle system models of income distribution. The IP’s social science metatheory requires its stationary distribution to fit the distribution of labor income conditioned on education. The Saved Wealth Model (SW) is an ad hoc modification of the particle system model of the Kinetic Theory of Gases (KTG). The KTG implies the laws of gas thermodynamics. The IP is a particle system similar to the SW and KTG, but less closely related to the KTG than the SW. This paper shows that the IP passes the key empirical test required of it by its social science metatheory better than the SW. The IP’s advantage increases as the U.S. labor force becomes more educated. The IP is the more likely of the two particle systems to underlie an analogue of gas thermodynamics in social science as the KTG underlies gas thermodynamics.
Item Type:  MPRA Paper 

Original Title:  The particle system model of income and wealth more likely to imply an analogue of thermodynamics in social science 
English Title:  The particle system model of income and wealth more likely to imply an analogue of thermodynamics in social science 
Language:  English 
Keywords:  Inequality Process; Kinetic Theory of Gases; labor income distribution; particle system; Saved Wealth Model, social science analogue of thermodynamics 
Subjects:  D  Microeconomics > D0  General > D03  Behavioral Microeconomics: Underlying Principles D  Microeconomics > D3  Distribution > D31  Personal Income, Wealth, and Their Distributions C  Mathematical and Quantitative Methods > C1  Econometric and Statistical Methods and Methodology: General > C15  Statistical Simulation Methods: General 
Item ID:  28864 
Depositing User:  John Angle 
Date Deposited:  20 Feb 2011 20:22 
Last Modified:  28 Sep 2019 22:51 
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URI:  https://mpra.ub.unimuenchen.de/id/eprint/28864 