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SUMMARY: Inequity in wealth and income distributions is ubiquitous and persistent in markets economies. Economists have long suspected that this might be due to the workings of a power law. But studies in financial economics have focused mainly on tail exponent while attempting to recover the Pareto and Zipf’s laws. The estimation of tail exponents from log-log plots, as in stock market returns, produces biased estimators and has little impact on policy. This paper argues that economic time series are output signals of a multifractal process driven by strange attractors. Consequently, estimating noise spectra thrown-up by strange attractors stands to produce a much richer set of information, including the lower and upper bounds of unequal income distribution.

Could Noise Spectra of Strange Attractors Better Explain Wealth and Income Inequalities? Evidence from the S&amp;P-500 Index

Could Noise Spectra of Strange Attractors Better Explain Wealth and Income Inequalities? Evidence from the S&P-500 Index