Income distribution and income shares: wealth and income distributions explained using generalised Lotka-Volterra SFC ABM models

Willis, Geoff

doi:10.1080/02692171.2015.1065225

Cited by 3 publications

(3 citation statements)

References 18 publications

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“…The authors take inspiration from the traditional SFC models (Caverzasi & Godin, 2015; Godley, 1997; Godley & Lavoie, 2007; Godley & Zezza, 2006; Nikiforos & Zezza, 2017; Passarella, 2012), to overcome these drawbacks and develop a consistent decentralized AB‐SFC model. Since then, AB models framed in an SFC account structure, have been mostly used to study monetary and fiscal policy transmission (Caiani et al., 2018; Schasfoort et al., 2017), income inequality (Botta et al., 2019; Caiani et al., 2019; Cardaci & Saraceno, 2019; Russo et al., 2016; Willis, 2015), financial markets (Botta et al., 2020; Mazzocchetti et al., 2018; Riccetti et al., 2016, 2018), institutions and labor dynamics (Caiani et al., 2020; Dosi et al., 2018), climate change (Lamperti et al., 2018; Monasterolo & Raberto, 2018, 2019; Ponta et al., 2018).…”

Section: Agent‐based Modeling and Alternative Theoretical Approaches:...mentioning

confidence: 99%

Neoclassical influences in agent‐based literature: A systematic review

Brancaccio

Gallegati

Giammetti

2021

Journal of Economic Surveys

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Several studies highlight that the method and the object of analysis of Agent‐Based models are in various respects in stark contrast to the prevailing neoclassical paradigm and therefore should be included in the traditions of alternative economic thought. In this paper, however, we show that distinctive features of the neoclassical theory can be found in most of the AB literature. Through a systematic review of most cited academic papers published in the period 1996–2019 and dedicated to Agent‐Based models, we show that a “neoclassical influence” can be detected in 61% of papers, while only 39% do not have links with the mainstream neoclassical approach. We also note that after the “great recession” started in 2008 the neoclassical influences on AB literature decline to a significant extent.

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Section: Agent‐based Modeling and Alternative Theoretical Approaches:...mentioning

confidence: 99%

Neoclassical influences in agent‐based literature: A systematic review

Brancaccio

Gallegati

Giammetti

2021

Journal of Economic Surveys

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“…Lotka-Volterra (LV) systems, independently modeled by Lotka [53] and Volterra [54], describe population dynamics in ecological systems [55,56]. In the LV model, it is possible to examine the coexistence relations of living beings in a particular flora.…”

Section: Lotka-volterra Prey-predator Modelmentioning

confidence: 99%

Testing the Goodwin Growth Cycles with Econophysics Approach in 2002-2019 Period in Turkey

Afşar,

Özyigit,

Yüksel

et al. 2021

Preprint

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The Turkish economy between 2002-2019 period has been investigated within the econophysical approach. From the individual income data obtained from the Household Budget Survey, the Gompertz-Pareto distribution for each year and Goodwin cycle for the mentioned period have been obtained. For this period, in which thirteen elections were held under the single-party rule, it has been observed that the income distribution fits well with the Gompertz-Pareto distribution which shows the two-class structure of the Turkish economy. The variation of the threshold value x t (which separates these two classes) as well as Pareto coefficient have been obtained. Besides, Goodwin cycle has been observed within this period, centered at (u, v) ∼ = (66.30, 83.40) and a period of T = 18.30 years. It has been concluded that these observations are consistent with the economic and social events experienced in the mentioned period.

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“…For instance, Fosu (2009) shows that the impact of economic growth on poverty reduction is a decreasing function of initial income inequality 1 . In addition, Willis (2015) indicates a direct relationship between worker share and personal distributions of wealth and income. Therefore, a strategy of compulsory saving will be highly effective for the reduction of poverty.…”

Section: Opponents' View: Priority On Inequality Reductionmentioning

confidence: 99%

Analyzing the Causal Relationships between Economic Growth, Income Inequality, and Transmission Channels: New Empirical Evidences from Iran

Hajamini

2020

J. Mon. Ec.

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This paper investigates causal relations between economic growth, income inequality, and transmission channels from 1972 to 2016. These channels include saving rate, investment rate, redistribution policies, human capital, and conspicuous consumption. There is no strong evidence that supports uni-directional or bi-directional causality. Besides, some of the transmission channels lead to the improvement of economic growth and equality simultaneously. It is concluded that rapid economic growth and income inequality alleviation are not necessarily conflicting objectives. Hence, the strategy of "Redistribution with growth" is a more effective and perhaps politically more acceptable approach than "growth before redistribution" or "redistribution before growth" strategies.

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Income distribution and income shares: wealth and income distributions explained using generalised Lotka-Volterra SFC ABM models

Cited by 3 publications

References 18 publications

Neoclassical influences in agent‐based literature: A systematic review

Neoclassical influences in agent‐based literature: A systematic review

Testing the Goodwin Growth Cycles with Econophysics Approach in 2002-2019 Period in Turkey

Analyzing the Causal Relationships between Economic Growth, Income Inequality, and Transmission Channels: New Empirical Evidences from Iran

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