Few weeks ago Robert J. Shiller, laureate of Nobel prize in economics, was in Lithuania and even gave an open lecture at ISM ("openness" is rather doubtful in this case, because ordinary mortals were unable to attend). The good thing was that the lecture was broadcasted over the internet. Another good thing was that creators of "Pinigų karta" (one of the more serious TV shows about money and economics in Lithuania) invited this famous person for a brief interview and he accepted. We invite you to watch it (don't be discouraged - only first few seconds are in Lithuanian!).

Worldwide and in Lithuania, due to historical context, there is one very popular topic for the economic-based discussion. It is based on the standard political conflict between the "right" and "left" - capitalism vs socialism. This ideological debate might be rather interesting, but it is not quite clear who is right and who is wrong. It would rather interesting to see if and how these general ideas work. In my opinion these generalized ideas might be easily introduced into some simple agent-based models. Previously considered kinetic exchange models appear to be one of the best candidates for the job. Thus in this text I will discuss the implementation of the simplistic sketches of these economic ideologies into the kinetic exchange models.

In the widely accessible media, at least in Lithuania, one can observe many discussions on the progressive tax and increasing taxation of business. Quite frequently during these discussions one can hear one very interesting argument - the rich and business create jobs. This means that the rich and business create a public good, thus being socially responsible. Thus demanding and increasing social responsibility is unjust and indecent!

Nick Hanauer's talk reminds us one of the most elementary lessons from the Economics 101 - without sufficient demand (consumers) there is no motivation to create more supply (utility). Only if the demand is increasing, only then the business has two choices - to increase the production (create new jobs) or to increase the price of the utility. If one increases supply without proper reasoning, then that one will almost surely suffer losses.

We have previously wrote about the elementary kinetic models. Now we would like to put them to a certain use - namely we would like to model wealth distributions. The problem is that the stationary distribution of the elementary kinetic models, as we have shown before, is Boltzmann-Gibbs distribution, while the empirical distribution of wealth has a power law tail (see Fig. 1). Therefore we will need some essential modifications to replicate the empirical distribution.

Recently while zapping over TV channels one program on the Discovery Science channel caught my attention. So have started watching "Weird connections" episode "Law of the Urinal" out of pure general interest. Yet after finishing watching it I thought that it should prove to be very interesting in a context of Physics of Risk. Thus I would like to encourage you to watch it on the Discovery Science channel (as far as I know it is being shown again from time to time) or on the vimeo.com website.