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In this invited book chapter, we draw the reader to a brief review of thedifferent Kinetic Exchange Models (KEMs) that have gradually developed formarkets and how they can be employed to quantitatively study inequalities (theGini Index and the Kolkata Index) that pervade real economies. Since amany-body economical market can be studied using tested laws of physics, thesemodels have the freedom to incorporate provisions like inclusion of individualsaving behaviors while trading and rendering these saving behaviors to betime-independent and time-dependent respectively. This is to observe when andhow the well known exponential distribution for no-saving gives rise to adistribution with a most probable income. A review of the earlier cases alongwith their implementation with a bias, where the population in the low-incomebracket of the society is favored by selecting one of the traders in thetrading process to be the poorest of all, follows. The biased selection ofagents ultimately giving rise to self-organizing features in the moneydistribution has also been reviewed in detail, using the behavior of theSelf-Organized Poverty Level. In the end, we elucidate the recent endeavors ofthe KEMs in finding answers to the growing condensation of wealth in the handsof a countable few rich people and providing probable solutions that can curbfurther expansion of oligarchic societies.

Kinetic Exchange Models of Income and Wealth Distribution: Self Organization and Poverty Level