IIMK RESEARCH SEMINAR BY PROF. BIKAS K CHAKRABARTI

Prof. Bikas K Chakrabarti of the Saha Institute of Nuclear Physics delivered a very interesting talk entitled "Econophysics of Income & Wealth Distributions in Societies" at IIMK today. According to Prof. Chakrabarti, increasingly, a huge amount of statistics have been gathered which clearly indicate that income and wealth distributions in various countries or societies follow a robust pattern, close to the Gibbs distribution of energy of molecules in a gas, studied for more than a century in Physics.
However, it also deviates in the low income and more significantly for the high income ranges. Application of physics models provides illuminating ideas and understanding, complementing several such observations for societies, including collective opinion formations. Prof. Chakrabarti discussed these recent developments in his talk.