The paper discusses a model based on generalized Lotka Volterra dynamics and Langevin equations to explain the probability distribution of wealth, which shows a Pareto power law for large wealth values and a sharp decline for small values. The model suggests that wealth distribution remains time-independent under certain conditions, even if total wealth varies. The paper draws parallels with thermodynamics, introducing 'econodynamics' and suggests implications for economic policy.
documents/EFTA00585343.pdf
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