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:: Typoskript, 28 Seiten

Year of publication:: 1972

Source material date:: August-September 1972

Language:: English

Note:: Mit handschriftlichen Anmerkungen.

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

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

Shelfmark:: S/M.2.1

Access:: Free access

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 peculiar character of the steady states concerned £ iJ • Further developments ¥e may consider the following stages in the treatment of the income distribution: I. Champernowne's model. Q II. Rutherford's model £ 1$ J• He treated persons'life times explicitly. Ill* 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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