14 
&r-drgss--hi^j^-d^v^l---Qf -4noome. In the lower part of the 
income distribution, the distribution of the profit rate 
will play a role. 
It could be justly said, of course, that the regression 
itself calls for an explanation. This can only be given on 
the plane of "stage four" (see above p. ..) by a stochastic 
process in several variables. 
The income of property owners. 
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 
1} 
the earned and unearned income. ' Nor 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 "profit rate", 
11 
'Attempts to separate them such as in / 1 / are un 
convincing. In this study, compensation for risk is 
included in earned income but by its nature it is 
obviously related to capital.