An Overview of Fractal Modeling—Some Specific Applications on the Dynamics of Employment and Personal Income: Entropic Criticism and Steady States ()
ABSTRACT
In this article, we investigate the criticality of the employment and
personal-income dynamics using Shannon’s Entropy Concept. Y. L. Klimontovich published an article in the nineties in which the importance of
Entropy as a Criterion of degradation and self-organization in evolution has
been emphasized. Thus, we would
like in this article to use the term “Criticism” in place of criticality,
especially in economic dynamics. From the physical point of view,
economic dynamics are convolutions of probabilities in space and time arising
commonly in fractal structures characterized by Ergodicity break. This fact
enforces analyzing those dynamics in the fractional image and stochastic sense
to get quantitative results, which are defensible. The considerable work of R.
Gorenflo, F. Mainardi, V.V. Tarasova, V. Tarasov, R. Metzler, and others is an operable basis to bother
this scientific area. We focus in this article, especially on concrete economic dynamics, as they point out the possibilities
and limits of analyzing economic complexity in a paradigmatic way.
Share and Cite:
Touplikiotis, A. (2023) An Overview of Fractal Modeling—Some Specific Applications on the Dynamics of Employment and Personal Income: Entropic Criticism and Steady States.
Theoretical Economics Letters,
13, 719-753. doi:
10.4236/tel.2023.133042.
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