Abstract
I review recent studies on distributions and fluctuations for personal-income and firm-size in real-economy by using recently available large-data. Specifically explained are Pareto-Zipf laws, Gibrat’s law and detailed-balance, and the fact that they are mutually related in a simple way. These patterns and shapes are not “laws” in physics, but can break down in abnormal situations such as bubble-collapse. These findings provide an important foundation of phenomenology for real-economy. The expression “aggregate calculation” nicely fits into the paradigm of this workshop.
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Fujiwara, Y.: Pareto-Zipf, Gibrat’s laws, detailed-balance and their breakdown. In: Chatterjee, A., Yarlagadda, S., Chakrabarti, B.K. (eds.) Econophysics of Wealth Distributions. Springer, Italia (2005)
Aoyama, H., Fujiwara, Y., Ikeda, Y., Iyetomi, H., Souma, W.: Econophysics and Companies: Statistical Life and Death in Complex Business Networks. Cambridge University Press (2010)
Sutton, J.: Gibrat’s legacy. J. Economic Literature 35, 40–59 (1997)
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Fujiwara, Y. (2013). Aggregate “Calculation” in Economic Phenomena: Distributions and Fluctuations. In: Suzuki, Y., Nakagaki, T. (eds) Natural Computing and Beyond. Proceedings in Information and Communications Technology, vol 6. Springer, Tokyo. https://doi.org/10.1007/978-4-431-54394-7_3
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DOI: https://doi.org/10.1007/978-4-431-54394-7_3
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