Wealth: redistribution and interest rates

Wealth: redistribution and interest rates

The most interesting scientific projects are those that surprise, when the mathematics, or the code, tells us something we didn’t expect. In our study of US wealth dynamics that’s what happened. We wrote it up in a paper, but that’s only the end product not the curious route by which we got there. Hence this post.

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Winner take all

Winner take all

Michael Mauboussin recently re-tweeted an article by Jason Zweig in the Wall Street Journal titled “Disturbing New Facts About American Capitalism”.

The article summarizes reports of an increasing concentration of economic power (market capitalization, profits etc) in ever smaller numbers of American companies, so-called super-star companies in their respective sectors. Well-known examples are Google (or Alphabet) and Apple. But the trend, Zweig says, is broader, also occurring in supermarkets and real estate services.

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Reproducibility and weak ergodicity breaking

Reproducibility and weak ergodicity breaking

The term “weak ergodicity breaking” helps categorize things by their ergodic properties:

  1. ergodic
  2. strongly non-ergodic
  3. weakly non-ergodic

This list is chronological, in that there used to be an implicit belief that everything was ergodic (from 1654), then the realization that some things are strongly non-ergodic (1850s — 1870s), and then the discovery that things can be a lot more subtle (with Jean-Philippe Bouchaud coining the term “weak ergodicity breaking” in 1992).

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