Income Distribution TheoryThis is a well-grounded restatement, defense, and development of the theory of income distribution in both its micro- and macroeconomic aspects. The author, an authority in the field who has spent many years developing the ideas in this book, balances neoclassical theories with Keynesian and ""radical"" approaches. He considers income distribution theory in terms of ideology, statistics, micro- and macroeconomics, income policies, and the poverty problem. The result is a distinctive and comprehensive treatment of a subject that has polarized many economists over many decades. Bronfenbrenner reacts against conventional theories that concentrate on output markets, virtually ignoring input prices. He also opposes the brand of institutionalism that regards ""democratic business unionism"" as an American institution that can do no wrong. Overall, Bronfenbrenner presents an eclectic defense of a ""traditional"" theory of economics that has been under attack from rival viewpoints with insufficient rebuttal, and that proves to be a powerful tool of analysis in dealing with this subject. The book is organized into three main parts: an ideological and statistical personal introduction to income distribution, microeconomic distribution theory, and macroeconomic distribution theory. A final chapter considers incomes policies, with a rather skeptical view of the prospects for political control of income distribution within a basically free economy. The manuscript has been widely used and class tested over the past thirty-five years. The book will be useful to professional economists. It may be used as a basic text in courses on income distribution and as a supplementary text in microeconomic theory. |
Contents
Topics in Functional Income Distribution | |
Maldistribution? | |
The Demand for Productive Inputs | |
The Antimarginalist Backlash | |
Imperfect Competition and Exploitation | |
Wages and Employment | |
Classical Interest Theory | |
Monetary Interest Theory | |
Two Theories of Rent | |
Normal Profits | |
The Summing | |
Guidelines Guideposts and Incomes Policies | |
Index | |
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Common terms and phrases
aggregate alternative American analysis argument assume average called capital cent changes Chapter classes combined Compare competitive consider constant consumer consumption controls cost countries curve demand derived determined diagram direction economic effect elasticity employer employment equal equation equilibrium estimate example existence expected factor fall Figure firm follows force given growth higher important income distribution increase individual industries inflation input interest investment involves labor labor share land less limit lower marginal productivity means measured negative output particular period poor positive poverty preference present problem production function profits progress raising ratio redistribution reduce relative rent represents respect returns rise saving sector share shift slope social standard statistical substitution supply Table theory union United University variables wage rate wealth workers York