https://doi.org/10.1140/epjb/s10051-023-00543-w
Regular Article - Statistical and Nonlinear Physics
The mutual influence of knowledge and individual wealth growth
1
School of Mathematics and Statistics, Yili Normal University, 835000, Yining, China
2
School of Mathematics, Southwestern University of Finance and Economics, 611130, Chengdu, China
Received:
18
September
2022
Accepted:
21
May
2023
Published online:
8
June
2023
Employing the kinetic theory, we investigate the mutual role of knowledge accumulation and individual wealth growth. For the accumulation of individual knowledge, we introduce a learning function with the spirit of prospect theory to describe the microscopic variation of agents’ knowledge and develop a kinetic model of knowledge evolution. Considering the wealth depending on knowledge and their mutual dependence, we construct a joint evolutionary model of knowledge and individual wealth. Our numerical experiments demonstrate that if knowledge reduces the risk of individual wealth growth or increases the wealth of low-wealth groups, wealth inequality decreases. In the case that the wealthy have more opportunities to choose good educational environment to learn knowledge, both knowledge and wealth inequality increase. When considering the government or state educational input, the inequality of knowledge and wealth decreases.
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© The Author(s), under exclusive licence to EDP Sciences, SIF and Springer-Verlag GmbH Germany, part of Springer Nature 2023. Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
