Abstract
Econophysics, which reconsiders economics from the perspective and approach of physics, has many stylized facts about firms and clarifies the relationships among them. To build a microscopic behavioral model of firms as economic agents in an economic system, such stylized facts and their relationships must be organized to determine their minimum required properties. For this reason, in this chapter, we consider the properties observed in the aggregate of a large number of firm variables that represent the size of firms, including total sales, total revenue, net income, number of employees, tangible fixed assets, total assets, net assets. We describe the properties observed at a fixed time, in a short-term period of two consecutive years, and in a long-term period over several decades and examine how they are related. These properties and relationships are universal macroscopic structures that are not influenced by the microscopic details of individual firms and the microscopic interactions among firms.
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Acknowledgements
The authors thank Dr. Tsutomu Watanabe. Much of this work is based on discussions with him. The authors also thank the 23rd Annual Workshop on Economic Science with Heterogeneous Interacting Agents. Discussions during the workshop were useful to complete this work. This study was supported by JSPS KAKENHI Grant Numbers 17K01277, 16H05904, and 18H05217, and the Obayashi Foundation.
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Ishikawa, A., Fujimoto, S., Mizuno, T. (2019). Macroscopic Properties in Economic System and Their Relations. In: Chakrabarti, A., Pichl, L., Kaizoji, T. (eds) Network Theory and Agent-Based Modeling in Economics and Finance. Springer, Singapore. https://doi.org/10.1007/978-981-13-8319-9_7
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