Socio-economic inequality and prospects of institutional Econophysics

Socio-economic inequality is measured using various indices. The Gini (g) index, giving the overall inequality is the most commonly used, while the recently introduced Kolkata (k) index gives a measure of 1− k fraction of population who possess top k fraction of wealth in the society. This article reviews the character of such inequalities, as seen from a variety of data sources, the apparent relationship between the two indices, and what toy models tell us. These socio-economic inequalities are also investigated in the context of man-made social conflicts or wars, as well as in natural disasters. Finally, we forward a proposal for an international institution with sufficient fund for visitors, where natural and social scientists from various institutions of the world can come to discuss, debate and formulate further developments.