Income distribution in the Colombian economy from an econophysics perspective
Recently, in econophysics, it has been shown that it is possible to analyze economic systems as equilibrium thermodynamic models. We apply statistical thermodynamics methods to analyze income distribution in the Colombian economic system. Using the data obtained in random polls, we show that income...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Universidad Nacional de Colombia
2016-09-01
|
| Series: | Cuadernos de Economía |
| Online Access: | https://revistas.unal.edu.co/index.php/ceconomia/article/view/44876 |
| Summary: | Recently, in econophysics, it has been shown that it is possible to analyze economic systems as equilibrium thermodynamic models. We apply statistical thermodynamics methods to analyze income distribution in the Colombian economic system. Using the data obtained in random polls, we show that income distribution in the Colombian economic system is characterized by two specific phases. The first includes about 90% of the interviewed individuals, and is characterized by an exponential Boltzmann-Gibbs distribution. The second phase, which contains the individuals with the highest incomes, can be described by means of one or two power-law density distributions that are known as Pareto distributions. |
|---|---|
| ISSN: | 0121-4772 2248-4337 |