QLS guest seminar - Monday 19 June 14h00

[Quantitative Life Sciences]

QLS guest seminar

Monday 19 June at 14:00
ICTP, Central Area, 2nd floor, old SISSA building, Via Beirut

Title: "Aggregation of wage and capital income in economy"

Speaker: Ali Hosseiny - Shahid Beheshti University, Tehran

Abstract:

Aggregation of different values in the complex systems is one of the 
major goals of the science of complexity. In economy there are some 
known stylized facts which address relations between different aggregate 
values. Within them the relation between aggregate wage income and 
national income has been of the most interesting ones. Labor share of 
income has been sustainable over a century and has been about two third 
of the national income in the United States. Cobb and Douglass suggested 
the hypothesis of the aggregate production function to address the roots 
of the sustainability. Their hypothesis however has been under huge 
criticism. In this talk we introduce the theory of production function. 
We then look over the theory from the statistical physics point of view. 
In the following we aggregate capital in a soup of firms. In the end we 
present a new proposal for the roots of the sustainability of the labor 
share of income.

Everyone interested is most welcome to attend!

-- 
Erica Sarnataro
Group Secretary
Quantitative Life Sciences
The Abdus Salam International Centre for Theoretical Physics (ICTP)
Trieste,  Italy
Tel. +39-040-2240623
e-mail: qls at ictp.it