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Income distribution in the European Union versus in the United States

Maciej Jagielski ,  Rafał J. Duczmal ,  Ryszard Kutner 

Faculty of Physics, University of Warsaw (FUW), Hoża 69, Warsaw PL-00681, Poland


We prove that the refined approach -- our extension of the Yakovenko et al. formalism -- is universal in the sense that it describes well both household incomes in the European Union and individual incomes in the United States for all income social classes. This formalism, supplemented in this work by the entropy analysis, allowed the study of the impact of the recent world-wide financial crisis on the annual incomes of different income social classes. Hence, we find the most painful impact of the crisis on incomes of all income social classes. Furthermore, we indicate the existence of a possible market crisis precursor.

Physica A: Statistical Mechanics and its Applications, Volume 433, p. 36-41.


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Presentation: Article at Econophysics group of Ryszard Kutner, by Ryszard Kutner
See On-line Journal of Econophysics group of Ryszard Kutner

Submitted: 2016-03-06 20:13
Revised:   2016-03-07 14:07