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Aggregate “Calculation” in Economic Phenomena: Distributions and Fluctuations

  • Yoshi Fujiwara
Open Access
Conference paper
Part of the Proceedings in Information and Communications Technology book series (PICT, volume 6)

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.

Keywords

Pareto-Zipf laws Gibrat’s law detailed-balance income distributions firm-size distributions growth and fluctuation 

References

  1. 1.
    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)Google Scholar
  2. 2.
    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)Google Scholar
  3. 3.
    Sutton, J.: Gibrat’s legacy. J. Economic Literature 35, 40–59 (1997)Google Scholar

Copyright information

© The Author(s) 2013

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 2.5 International License (http://creativecommons.org/licenses/by-nc/2.5/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Authors and Affiliations

  • Yoshi Fujiwara
    • 1
  1. 1.Graduate School of Simulation StudiesUniversity of HyogoKobeJapan

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