英文标题：
《Simple wealth distribution model causing inequality-induced crisis
without external shocks》
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作者：
Henri Benisty
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最新提交年份：
2017
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英文摘要：
We address the issue of the dynamics of wealth accumulation and economic crisis triggered by extreme inequality, attempting to stick to most possibly intrinsic assumptions. Our general framework is that of pure or modified multiplicative processes, basically geometric Brownian motions. In contrast with the usual approach of injecting into such stochastic agent models either specific, idiosyncratic internal nonlinear interaction patterns, or macroscopic disruptive features, we propose a dynamic inequality model where the attainment of a sizable fraction of the total wealth by very few agents induces a crisis regime with strong intermittency, the explicit coupling between the richest and the rest being a mere normalization mechanism, hence with minimal extrinsic assumptions. The model thus harnesses the recognized lack of ergodicity of geometric Brownian motions. It also provides a statistical intuition to the consequences of Thomas Piketty\'s recent \"$r>g$\" (return rate $>$ growth rate) paradigmatic analysis of very-long-term wealth trends. We suggest that the \"water-divide\" of wealth flow may define effective classes, making an objective entry point to calibrate the model. Consistently, we check that a tax mechanism associated to a few percent relative bias on elementary daily transactions is able to slow or stop the build-up of large wealth. When extreme fluctuations are tamed down to a stationary regime with sizable but steadier inequalities, it should still offer opportunities to study the dynamics of crisis and the inner effective classes induced through external or internal factors.
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中文摘要：
我们讨论由极端不平等引发的财富积累动态和经济危机问题，试图坚持最可能的内在假设。我们的一般框架是纯或修正的乘法过程，基本上是几何布朗运动。与通常将特定的、特殊的内部非线性交互模式或宏观破坏性特征注入此类随机主体模型的方法不同，我们提出了一个动态不平等模型，其中极少数主体获得的财富占总财富的很大一部分会导致一个具有强间歇性的危机机制，最富有者和其余者之间的显式耦合仅仅是一种规范化机制，因此具有最小的外部假设。因此，该模型利用了公认的几何布朗运动遍历性的不足。它还为托马斯·皮克蒂（Thomas Piketty）最近对非常长期财富趋势的“$r>g$”（回报率$>$增长率）范式分析的结果提供了统计直觉。我们认为，财富流动的“分水岭”可以定义有效的类别，从而为校准模型提供一个客观的切入点。我们始终检查与基本日常交易相对偏差为几%相关的税收机制是否能够减缓或阻止巨额财富的积累。当极端波动被驯服到一个具有相当大但更稳定的不平等的稳定状态时，它仍然应该提供机会来研究危机的动态以及通过外部或内部因素诱发的内部有效阶级。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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