Replication data for: Power Laws in Economics: An Introduction
- Gabaix, Xavier
AbstractMany of the insights of economics seem to be qualitative, with many fewer reliable quantitative laws. However a series of power laws in economics do count as true and nontrivial quantitative laws—and they are not only established empirically, but also understood theoretically. I will start by providing several illustrations of empirical power laws having to do with patterns involving cities, firms, and the stock market. I summarize some of the theoretical explanations that have been proposed. I suggest that power laws help us explain many economic phenomena, including aggregate economic fluctuations. I hope to clarify why power laws are so special, and to demonstrate their utility. In conclusion, I list some power-law-related economic enigmas that demand further exploration.
Is supplement to
DOI: 10.1257/jep.30.1.185 (Text)
Gabaix, Xavier. “Power Laws in Economics: An Introduction.” Journal of Economic Perspectives 30, no. 1 (February 2016): 185–206. https://doi.org/10.1257/jep.30.1.185.
- ID: 10.1257/jep.30.1.185 (DOI)
Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-13