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SOE: Fachverband Physik sozio-ökonomischer Systeme
SOE 22: Economic Models
SOE 22.5: Talk
Thursday, March 19, 2015, 16:00–16:15, MA 001
Economic Growth and the Piketty Data — •Juergen Mimkes — Physics Department, Paderborn University
In physical economics the model equations of economic growth lead to exponential functions of income for capital and labor. The growth coefficients depend on the distribution factor (p) of annual profits between capital and labor. A low participation of labor in annual profits leads to an efficient economy, to high growth rates of the DAX (for capital) and low growth rates of the GDP/capita (for labor). This agrees with the data by Piketty. Several ways are diskussed to follow Piketty in equalizing growth rates for capital and labor.