Socioeconomic Inequality and Prospects of Institutional Econophysics

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

Researchers

  • Arnab Chatterjee
  • Asim Ghosh
  • Bikas K. Chakrabarti

Research units

  • Saha Institute of Nuclear Physics
  • Tata Group - TCS Innovation Labs
  • Indian Statistical Institute

Abstract

Socioeconomic inequality is measured using various indices. The Gini (g) index, giving the overall inequality, is the most commonly used, while the recently introduced Kolkata (k) index gives a measure of 1 − k fraction of population who possess top k fraction of wealth in the society. This article reviews the character of such inequalities, as seen from a variety of data sources, the apparent relationship between the two indices, and what toy models tell us. These socioeconomic inequalities are also investigated in the context of man-made social conflicts or wars, as well as in natural disasters. Finally, we forward a proposal for an international institution with sufficient fund for visitors, where natural and social scientists from various institutions of the world can come to discuss, debate, and formulate further developments.

Details

Original languageEnglish
Title of host publicationEconomic Foundations for Social Complexity Science
Subtitle of host publicationTheory, Sentiments, and Empirical Laws
EditorsYuji Aruka, Alan Kirman
Publication statusPublished - 2017
MoE publication typeA3 Part of a book or another research book

Publication series

NameEvolutionary Economics and Social Complexity Science
PublisherSpringer
Volume9
ISSN (Print)2198-4204

ID: 17001213