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It has been used as an input for testing theories explaining the distribution of income, for example human capital theory and the theory of economic discrimination (Becker, 1993, 1971). In welfare economics , a level of feasible output possibilities is commonly distinguished from the distribution of income for those output possibilities.
In economics, income distribution covers how a country's total GDP is distributed amongst its population. [1] Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world. [2] [3]
Income distribution has always been a central concern of economic theory and economic policy. Classical economists such as Adam Smith, Thomas Malthus and David Ricardo were mainly concerned with factor income distribution, that is, the distribution of income between the main factors of production, land, labour and capital.
Until A Theory of Consumption Function, the Keynesian absolute income hypothesis and interpretation of the consumption function were the most advanced and sophisticated. [2] [3] In its post-war synthesis, the Keynesian perspective was responsible for pioneering many innovations in recession management, economic history, and macroeconomics.
To attain an efficient allocation of resources with the desired distribution of income, if the assumptions of the competitive model are satisfied by the economy, the sole role of the government is to alter the initial distribution of wealth [11] – the major drivers of income inequality in capitalist systems – was virtually nonexistent; and ...
"Mr. Keynes and the Rate of Interest", 1940, in Essays in Monetary Theory; Essays in Monetary Theory, 1940. "Wage Grumbles", 1949 in Readings in the Theory of Income Distribution. Utility and All That, 1952. Britain in the World Economy, 1954. Economic Commentaries, 1956. Lectures on Economic Principles, 1957–9. Growth, Wages, Money, 1961.
It anticipates a number of developments in distribution and growth theory and remains a standard work in labour economics. [ 1 ] Part I of the book takes as its starting point a reformulation of the marginal productivity theory of wages as determined by supply and demand in full competitive equilibrium of a free market economy.
The earliest Western theory of development economics was mercantilism, which developed in the 17th century, ... and equality of income distribution (for example, ...