The power law part of the income or wealth distribution is commonly referred to as the Pareto tail after Vilfredo Pareto who wrote in 1887: In all pla
{"Image DocumentName": "The power law part of the income or wealth distribution is commonly referred to as the Pareto tail after Vilfredo Pareto who wrote in 1887:", "Image ImageDescription": "In all places and at all times the distribution of income in a stable economy, when the origin of. measurement is at a sufficiently high income level, will be given approximately by the empirical formula. where y is the number of people having an income x or greater and v is approximately 1.5. To my knowledge this is the first claim in the literature of universality of critical exponents! Empirically the exponent is probably not universal. There is also some indication that the exponent is different for the very and the extremely rich. Note that the number of people in the tail will not be universal, so the inpact on overall inequality will vary from society to society.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}