Before revision:  We tested our model empirically using Gini Index (a measure for income inequality) and Gross Domestic Savings (percentage of GDP) , and observed that our model holds reasonably true for many real closed economies of the world.
After revision:  We tested our model empirically using Gini Index (a measure for income inequality) and Gross Domestic Savings (percentage of GDP) , and observed that the model holds reasonably true for many real closed economies of the world.