Full text: The Personal Distribution of Income

Th^ose fww units whidh survive for good oontinue to grow* on the 
other end of the scale new entrantsenlarge the total sample 
of firms or wealthy dynasties. The c mtinueace of the steady xx 
state with unchanged distribution is accompanied by a steadily 
growing size of the sample whidh produces over larger firms, 
wealth holdings etc. These large units always existed potentially 
but could not be realijrod sdt as long as the sample was too smallj 
with the growth of the economy such potential sizes become actual 
and in consequenoe the largest units represent a greater and greater 
share of the total although the theoretical distribution is 
unchanged. With the finite life and the stable population 
of Charapem wne’s m^del this peculiar form of growing inequality 
would not arise. 
Further devel omenta 
e may c nsider the f 11)wing stages in the treatment f the 
income distributi n» 
I. Champem wne’s Model. 
II. Rutherf rdd model /I9/. He treated person’s life-times explicitly. 
III. The above models are open to criticism^ on two gr undsi 
First, income is not very suitable as a state variable 
for a Markov process. It does not embody the "influence

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