Implications of Pareto distribution to economic inequality
From Unlearning Communism:
This is known, well explained and documented phenomenon that can be traced back from the ancient stories to the present days and the language of math, describing it as Pareto distribution. Work of Kenneth Arrow, awarded with the Nobel Prize in economics, has started the debate what should be done regarding the fact that in a free-market economy the distribution of wealth will follow Pareto distribution. Successive Nobel Prizes were awarded to several economists who gave further propositions, either to do basically nothing, or to artificially twist the reality and remodel Pareto distribution into Gaussian distribution.
The Nobel Prize
Implications of Pareto distribution
From psychological and sociological perspective.
