The Personal Distribution of Income

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: The Personal Distribution of Income

Author:: Steindl, Josef

Scope:: Kopie eines Typoskripts mit handschriftlichen Anmerkungen, insgesamt 27 Seiten mit originalen handschriftlichen Anmerkungen auf Seite 23 (nummeriert als Seite 18)

Year of publication:: 1972

Source material date:: August-September 1972

Language:: English

Topic:: Stochastic processes and size distribution

Shelfmark:: S/M.52.9

Use and reproduction license:: In Copyright

Access:: Free access

DOI:: https://doi.org/10.48671/nls.js.AC14446373

5a Th^ose few units which survive for good continue to grow; on the other end of. the scale new entrants/enlarge the total sample of firms or wealthy' dynasties. The continuance of the steady am state with unchanged distribution is accompanied by a steadily growing size of the sample whidh produces ever larger firms, wealth holdings etc. These large units always existed potentially but could not be realised a± as long as the sample was too small; with the growth of the economy such potential sizes become actual and in consequence the largest units represent a greater and greater shaa*e of the total although the theoretical distribution is unchanged. With the finite life and the stable population of Champernowne 1 s model this peculiar form of growing inequality M would not arise. Further developments We may consider the following stages in the treatment of the income distribution: I. Champernowne 1 s Model. II. Rutherford^ model /I9/. He treated person’s 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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