Konvolut The Personal Distribution of Income 2

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Konvolut The Personal Distribution of Income 2

Author:: Steindl, Josef

Scope:: 51 Blätter. Konvolut aus handschriftlichen und maschinengeschriebenen Blättern

Year of publication:: 1972

Source material date:: August-September 1972

Language:: German; English

Note:: Titel fingiert. Das Konvolut umfasst ein 20 seitiges Typoskript des Artikels "The Personal Distribution of Income" von August/September 1972 mit zahlreichen handschrifltichen Anmerkungen und Anstreichungen; einen Anhang mit Tabellen zur Einkommensverteilung in Schweden, sowie weitere Blätter mit handschriftlichen Texten, Formeln, Tabellen und Diagrammen.

Topic:: Stochastic processes and size distribution

JEL Classification:: D31 [Personal Income, Wealth, and Their Distributions]

Shelfmark:: S/M.10.1

Use and reproduction license:: In Copyright

Access:: Free access

DOI:: https://doi.org/10.48671/nls.js.AC14446046

5 this approach, size distribution is a transformed age distribution, and the pattern of the Pareto law appears* so often simply because of the empirical importance of exponential growth which makes both the age distribution and the tranformation function exponential. Owing to the conceptual density of Champernowne's model the two elements of life- cycle and promotion are merged into one. (which resides There is, however, a difference^in the interpretation not in the form) between Champernowne's model and the others: Since physical persons sooner or later die, the age in his model is limited, while in the others (relating to firms or wealth) there is always the probability of virtually infinite life which accounts for a very 2.2, peculiar character of the steady states concerned 7• Further developments We may consider the following stages in the treatment of the income distribution: I. Champernowne's model. ^ II. Rutherford's model C'ytl* He treated persons'life- times explicitly. III. The above models are open to criticism on two grounds: First, income is not very suitable as a state variable for a Markov process. It does not embody the "influence

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