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Wealth Condensation in Pareto Macro-Economies

Z. Burda·D. Johnston·J. Jurkiewicz·M. Kaminski·M. A. Nowak·G. Papp·I. Zahed
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Abstract

We discuss a Pareto macro-economy (a) in a closed system with fixed total wealth and (b) in an open system with average mean wealth and compare our results to a similar analysis in a super-open system (c) with unbounded wealth. Wealth condensation takes place in the social phase for closed and open economies, while it occurs in the liberal phase for super-open economies. In the first two cases, the condensation is related to a mechanism known from the balls-in-boxes model, while in the last case to the non-integrable tails of the Pareto distribution. For a closed macro-economy in the social phase, we point to the emergence of a ``corruption'' phenomenon: a sizeable fraction of the total wealth is always amassed by a single individual.

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Z. Burda, D. Johnston, J. Jurkiewicz, M. Kaminski, M. A. Nowak, G. Papp, I. Zahed. 2001-01-05. Wealth Condensation in Pareto Macro-Economies. https://doi.org/10.1103/physreve.65.026102

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