Econophysics, Statistical Mechanics Approach to

TL;DR

This review article surveys statistical models from econophysics since the 1990s that analyze money, wealth, and income distributions using concepts from statistical mechanics.

Contribution

It compiles and discusses the development of econophysics models for economic distributions, highlighting their theoretical foundations and applications.

Findings

Econophysics models explain wealth distribution patterns.

Statistical mechanics approaches provide insights into income inequality.

The review summarizes key models and their implications.

Abstract

This is a review article for Encyclopedia of Complexity and System Science, to be published by Springer http://refworks.springer.com/complexity/. The paper reviews statistical models for money, wealth, and income distributions developed in the econophysics literature since late 1990s.