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The first part of this paper is a brief survey of the approaches to economicinequality based on ideas from statistical physics and kinetic theory. Theseinclude the Boltzmann kinetic equation, the time-reversal symmetry, theergodicity hypothesis, entropy maximization, and the Fokker-Planck equation.The origins of the exponential Boltzmann-Gibbs distribution and the Paretopower law are discussed in relation to additive and multiplicative stochasticprocesses. The second part of the paper analyzes income distribution data inthe USA for the time period 1983-2018 using a two-class decomposition. Wepresent overwhelming evidence that the lower class (more than 90% of thepopulation) is described by the exponential distribution, whereas the upperclass (about 4% of the population in 2018) by the power law. We show that thesignificant growth of inequality during this time period is due to the sharpincrease in the upper-class income share, whereas relative inequality withinthe lower class remains constant. We speculate that the expansion of theupper-class population and income shares may be due to increasing digitizationand non-locality of the economy in the last 40 years.

philosophical transactions - royal society. mathematical, physical and engineering sciences/philosophical transactions - royal society. mathematical, physical and engineering sciences

Physics-inspired analysis of the two-class income distribution in the USA in 1983-2018