Theories of Income Distribution

This book brings together the work of scholars who have written for it independent essays in their areas of particular expertise in the general field of income distribution. The first eight chapters provide a review of the major theories of income distrib

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Recent Economic Thought Series Warren J. Samuels, Editor Michigan State University East Lansing, Michigan, U.S.A.

Other titles in the series: Feiwel, G.R., Samuelson and Neoclassical Economics Wade, L.L., Political Economy: Modern Views Zimbalist, A., Comparative Economic Systems: Recent Views Darity, W., Labor Economics: Modern Views Jarsulic, M., Money and Macro Policy Samuelson, L., Microeconomic Theory Bromley, D., Natural Resource Economics: Policy Problems and Contemporary Analysis Mirowski, P., The Reconstruction of Economic Theory Field, A.J., The Future of Economic History Lowry, S.T., Pre-Classical Economic Thought Officer, L.H., International Economics

This series is devoted to works that present divergent views on the development, prospects, and tensions within some important research areas of international economic thought. Among the fields covered are macromonetary policy. public finance. labor and political economy. The emphasis of the series is on providing a critical, constructive view of each of these fields, as well as a forum through which leading scholars of international reputation may voice their perspectives on important related issues. Each volume in the series will be self-contained; together these volumes will provide dramatic evidence of the variety of economic thought within the scholarly community.

Theories of Income Distribution

edited by Athanasios Asimakopulos Department of Economics McGill University

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Kluwer Academic Publishers Boston/DordrechtiLancaster

Distributors

for the United States and Canada Kluwer Academic Publishers, 101 Philip Drive, Assinlppi Park, Norwell, MA 02061, USA for the UK and Ireland: Kluwer Academic Publishers, MTP Press Limited, Falcon House, Queen Square, Lancaster LA 1 1RN, UK for all other countries: Kluwer Academic Publishers Group, Distribution Centre, P.O. Box 322,3300 AH Dordrecht, The Netherlands Library of Congress Cataloging-in-Publication Data Theories of income distribution. (Recent economic thought series) Bibliography: p. Includes index. 1. Income distribution. L Asimakopulos, A., 1930II. Series. HB523.T44 1987 339.2 87-3248 ISBN-13: 978-94-010-7699-9 DOl: 10.1007/978-94-009-2661-5

e-ISBN-13: 978-94-009-2661-5

Copyright © 1988 by Kluwer Academic Publishers Softcover reprint of the hardcover 1st edition 1988 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher, Kluwer Academic Publishers, 101 Philip Drive, Asslnippi Park, Norwell, MA 02061.

Contents

Contributing Authors

vii

Preface

ix

1

Introduction Athanasios Asimakopulos

2

The Classical Theory of Distribution J.C. Weldon

3

Marx's Theory of Income Distribution David P. Levine

4 Distribution: Neo-Classical Allan J. Braff

5

The Distribution Theory of Marshall's Principles John K. Whitaker

6

Post-Keynesian Theories of Distribution Athanasios Asimakopulos

7

The Neo-Rica