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The Personal Distribution of Income

Bibliographic data

Works

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
Related work:
Steindl, Josef: The Personal Distribution of Income. In: Steindl, Josef: Economic Papers 1941-88. London: Macmillan, 1990, S. 356-371
Topic:
Stochastic processes and size distribution
Shelfmark:
S/M.52.9
Rights of use:
All rights reserved
Access:
Free access

Full text

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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