Wealth dynamics in world trade

Authored by Moon-Yong Cha, Jae Woo Lee, Deok-Sun Lee, Doo Hwan Kim

Date Published: 2011-01

DOI: 10.1016/j.cpc.2010.08.037

Sponsors: No sponsors listed

Platforms: No platforms listed

Model Documentation: Other Narrative Mathematical description

Model Code URLs: Model code not found

Abstract

The focus of this paper is on the redistribution of multiple countries wealth caused by these countries internal wealth growth as well as the exports and imports between them We have analyzed these countries wealth using the gross domestic products (GDP) of about 190 countries from 1950 to 2000 and their world trade records to identify their Internal wealth growth It is shown that the internal wealth growth is more crucial in order to Increase total wealth than exports and imports This is shown as a function of wealth We simulate an agent-based model including these features and find that a broad wealth distribution can emerge using internal wealth growth and an asymmetric money flow (C) 2010 Elsevier B V All rights reserved

Tags

Agent-based model Wealth distribution World trade web power law