Berlin 2015 – scientific programme

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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.