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 |
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| container_title | Cambridge journal of economics |
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| creator | McLure, Michael |
| description | 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. |
| doi_str_mv | 10.1093/cje/bes045 |
| format | Article |
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| ispartof | Cambridge journal of economics, 2013-07, Vol.37 (4), p.775-789 |
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| source | Jstor Complete Legacy; Oxford University Press Journals All Titles (1996-Current); Sociological Abstracts |
| subjects | 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 |
| title | A. C. Pigou's rejection of Pareto's law |
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