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We propose a stochastic map model of economic dynamics. In the last decade,an array of observations in economics has been investigated in the econophysicsliterature, a major example being the universal features of inequality in termsof income and wealth. Another area of inquiry is the formation of opinion in asociety. The proposed model attempts to produce positively skewed distributionsand the power law distributions as has been observed in the real data of incomeand wealth. Also, it shows a non-trivial phase transition in the opinion of asociety (opinion formation). A number of physical models also generates similarresults. In particular, the kinetic exchange models have been especiallysuccessful in this regard. Therefore, we compare the results obtained fromthese two approaches and discuss a number of new features and drawbacks of thismodel.

An almost linear stochastic map related to the particle system models of social sciences