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AN EXPLORATORY MODEL OF THE SIZE DISTRIBUTION OF INCOME
Author(s) -
CONLISK JOHN
Publication year - 1977
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.1977.tb00480.x
Subject(s) - economics , econometrics , distribution (mathematics) , income distribution , variance (accounting) , range (aeronautics) , covariance , covariance matrix , joint probability distribution , capital income , human capital , mathematics , statistics , public economics , inequality , international taxation , mathematical analysis , materials science , accounting , composite material , tax reform , economic growth
Through a specific model, this paper explores a promising general framework for unified modelling of the size distribution of income and wealth. The specific model includes physical and human capital accumulation, factoral and size distribution effects, redistributive taxation, economic growth, and other distribution‐related mechanisms. The main conclusion is that the general framework can accommodate a wide range of distributional phenomena and still remain analytically tractable. Specifically, the framework allows closed form analytic solution for the first two moments (mean vector and variance‐covariance matrix) of the joint distribution over individuals of income, wealth, and other variables.
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