Full text: The Personal Distribution of Income

possible education is greatly differentiated, so that 
there is more opportunity than might have seemed at 
first to increase the investment in education. It is 
clear, however, that the frontier is not as open as 
in the case of wealth which is impersonal , so that 
the individual capitalist is faced with a world of 
opportunities for using additional capital: He has 
merely to buy twice as many houses or factories while 
the educational innstor may have to think hard before 
he finds a reasonable way of doubling his investment. 
And yet it appears that the tendency for diffusion of 
incomes, i.e. of the pushing out of the top scale of 
incomes to ever higher levels, is no less prominent 
in the case of earned than of unearned income. The up 
shot is that we have to. take a closer look on the 
opportunities offered by the market which for the reasons 
just mentioned are more important in the case of earned 
income than in the case of wealth. 
We might also put it as follows; The range of the rate 
of return to wealth is limited enough to be restricted 
to values below 100 % or lower.In the case of earned in 
come the relation to an educational investment will 
quite often include returns of several hundred percent-.- 
Or, to put it still another way: It seems that the in 
equalities of earned income could not be adequately

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