11 
coefficient (since k^Cl). This is exactly what had to be explained 
(the income distributions are "more equal” than the wealth distribu 
tions, empirically). The particular shape of the rate of return distri 
bution has no influence on the result, as long as it fulfills the 
independence conditions mentioned. Unfortunately, as we shall see7 
-this—is not always the case. 
The income of property owners 
L 
? 
Some empirical data will illustrate the above theory. While this 
theory deals with property income, the data below rather refer to 
income of property owners, which in part is earned income. It is not 
easy to separate the earned and unearned incomel). Wor are the two 
parts independent, so that a convolution of two separately derived 
distributions would not be appropriate. 
In the following, incomes of property owners will be 
treated as a whole. The distribution of the rate of return 
or conditional distribution of incecoa therefore includes 
earned income here. The regression of property owners' total 
income on their wealth can be studied on the basis of Dutch 
dataj$| (fig. 3). The regression is linear and the variance of 
income is not much different in different wealth classes; 
the correlation coefficient is 0,5, the regression coefficient 
1) Attempts to separate them such as in /5/ are unconvincing. 
In this study, compensation for risk is included in earned income, 
but by its nature it is obviously related to capital.