Valdyr
7th May 2012, 10:04
Recently I've been learning about the econophysical work of Victor Yakovenko and others which validate things such as the labor theory of value by applying theories from physics (namely from statistical mechanics) which allow us to model markets as chaotic systems.
However, there's a part I'm a little murky on. I am sufficiently far enough in my understanding that I get why and how simple commodity production/circulation results in an extremely unequal (gibbs-boltzmann) distribution of the conserved quantity of the system (money), but I both am not advanced enough and have not yet stumbled on a walkthrough of why, when factors like wage labor and interest are introduced to the model, a new even smaller chunk emerges where their portion of the distribution follows a power law rather than a standard boltzmann distribution (this is the bourgeoisie). I'm sure it's in there, I just need a dumbed-down version.
Thanks in advance to anyone who can provide insight here.
However, there's a part I'm a little murky on. I am sufficiently far enough in my understanding that I get why and how simple commodity production/circulation results in an extremely unequal (gibbs-boltzmann) distribution of the conserved quantity of the system (money), but I both am not advanced enough and have not yet stumbled on a walkthrough of why, when factors like wage labor and interest are introduced to the model, a new even smaller chunk emerges where their portion of the distribution follows a power law rather than a standard boltzmann distribution (this is the bourgeoisie). I'm sure it's in there, I just need a dumbed-down version.
Thanks in advance to anyone who can provide insight here.