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.

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.10.1

Access:: Free access

6 globale" (Polya) of the past, Second, the model is con fined to a life-cycle from Ahe« 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 idfruAi/Gm/! 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.*^ p. 142 seq. l) Champernowne was, of course, aware of these facts, as his thesis of 1937 ( % ) 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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