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In the present paper, we identify several distributions from Physics andstudy their applicability to phenomena such as distribution of income, wealth,and expenditure. Firstly, we apply logistic distribution to these data and wefind that it fits very well the annual data for the entire income intervalincluding for upper income segment of population. Secondly, we applyFermi-Dirac distribution to these data. We seek to explain possiblecorrelations and analogies between economic systems and statisticalthermodynamics systems. We try to explain their behavior and properties when wecorrelate physical variables with macroeconomic aggregates and indicators. Thenwe draw some analogies between parameters of the Fermi-Dirac distribution andmacroeconomic variables. Thirdly, as complex systems are modeled usingpolynomial distributions, we apply polynomials to the annual sets of data andwe find that it fits very well also the entire income interval. Fourthly, wedevelop a new methodology to approach dynamically the income, wealth, andexpenditure distribution similarly with dynamical complex systems. Thismethodology was applied to different time intervals consisting of consecutiveyears up to 35 years. Finally, we develop a mathematical model based on aHamiltonian that maximizes utility function applied to Ramsey model usingFermi-Dirac and polynomial utility functions. We find some theoreticalconnections with time preference theory. We apply these distributions to alarge pool of data from countries with different levels of development, usingdifferent methods for calculation of income, wealth, and expenditure.

Modelling income, wealth, and expenditure data by use of Econophysics