Generating Inequality - Mechanisms of Distribution in the U.S. Economy

摘要: For much of the past century mainstream economic theory has concentrated on efficiency questions, carefully avoiding judgments distribution rewards in society. A measure modern neglect subject is fact that more than 1500 articles published American Economic Review and journal over last ten years only some ioo dealt with distributional questions any kind. Indeed, bypassed equality issue so thoroughly Joan Robinson compared lack a convincing income to situation early 1930S when discipline had no theoretical apparatus deal unemployment. In her address Association 1972 she described "the evident bankruptcy which for second time nothing say question, everyone except economists, appears most need an answer." However, mid-9g7os seen welcome upsurge interest issues. Amartya Sen, Hollis Chenery, A. B. Atkinson, now Arthur M. Okun Lester C. Thurow have all produced important works subject. nineteenth Ricardo defined laws regulate as principle problem political economy, not because significance shares per se but held key understanding productive system. It heartening see turning its attention once again this question. presents clear picture actual wealth United States economy then moves evolve conceptual framework will square observed facts. His demolition neoclassical marginal productivity neat, elegant, devastating. The question mark how anyone ever believed such tautological nonsense. Thurow's own revolves around notion advanced market economies people compete jobs rather wages differentials something do education training