A. C. Pigou's rejection of Pareto's law

A. C. Pigou's rejection of Pareto's law

In Pigou's Wealth and Welfare, as well as in each of the four editions of his The Economics of Welfare, one chapter is dedicated entirely to the critical assessment, and ultimate rejection, of 'Pareto's law' of income distribution. This note highlights Pigou's uncorrected mi...

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Veröffentlicht in:Cambridge journal of economics 2013-07, Vol.37 (4), p.775-789
1. Verfasser: McLure, Michael
Format: Artikel
Sprache:eng
Schlagworte:
Criticism
Dividends
Economic theory
Economists
Income Distribution
Income inequality
Income level
Law
Law objectivity
Pareto efficiency
Pareto optimum
Pareto, Vilfredo (1848-1923)
Pigou, A C
Political economy
Studies
Taxpaying
Wealth
Welfare economics
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Beschreibung
Zusammenfassung:In Pigou's Wealth and Welfare, as well as in each of the four editions of his The Economics of Welfare, one chapter is dedicated entirely to the critical assessment, and ultimate rejection, of 'Pareto's law' of income distribution. This note highlights Pigou's uncorrected misreading of a critical aspect of Pareto's analysis of income distribution; illustrates what his criticisms of Pareto's law reveal about Pigou's objectives for welfare economics; and indicates how Pareto's analysis of income distribution could have been criticised in a manner that is consistent with Pigou's objectives for welfare economics.
ISSN:0309-166X
1464-3545
DOI:10.1093/cje/bes045