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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
Topic:
Stochastic processes and size distribution
Shelfmark:
S/M.52.9
Rights of use:
In Copyright
Access:
Free access
DOI:
https://doi.org/10.48671/nls.js.AC14446373

Full text

global©" (Polya) of the past. Second, the model is con 
fined to a life-cycle from mbs* entrance to exit. But the 
relevant stochastic process goes far beyond that. In 
fact, when somebody starts in life, his chances of re 
ceiving certain incomes are already settled to a large 
extent by the condition of his parents: By their wealth, 
status, connections, reputation and- the education or training 
they have been able to give him. In other words, the exits 
and the entries in the life-time model are linked by in 
heritance etc., and the process of diffusion continues on 
I > 
a higher stage. J 
to 
Both arguments point/\the same consequence: We must relate 
the chances of getting certain incomes to the amount of 
wealth, material and immaterial, and its distribution. 
In this way we can link the income to a suitable state 
variable (wealth) which is evolving in a long run process 
through the generations. 
Also, we shall then be able to answer the question why 
income distribution is relatively stable, although so many 
elements relevant to it are changing day by day; The answer 
is that the stability lies in the distribution of wealth, 
education, training etc., which change only slowly.^ 
q') ^ 1/x 
L) L *2J p. 142 seq. 
1.) Champernowne was, of course, aware of these facts,, as his thesis ^ 
of 1957 ( $ ) shows. His formalised model of 1953 is, however, 
not well suited to reflect all the economic factors so well 
stated in general terms in 1937 -
	        

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Steindl, J. (1972). The Personal Distribution of Income. https://doi.org/10.48671/nls.js.AC14446373
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