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Is rising income inequality far from inevitable during structural transformation? A proposal for an augmented inequality dynamics

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  • Seung Jin BAEK

    (United Nations Economic and Social Commission for Western Asia. UN House P.O. Box: 11-8575, Riad El Solh 1107-2812, Beirut, Lebanon.)

Abstract

This paper examines whether rising income inequality is the stylised fact for the process of structural transformation by revisiting classical accounts on the transformation-inequality nexus, with a particular focus on Kuznets’s and Rostow’s theories of development and Rawls’s difference principle. In addition, a complex interaction between structural transformation and income inequality is analysed by exploring the multi-dimensions of inequality dynamics to link Kuznets-Rostow-Rawls. This critical review allows us to conclude that rising income inequality is far from inevitable by introducing a proposal for what it calls ‘augmented inequality dynamics’ which attempts to systematize circulating societal processes through social, economic, political and moral dimensions. This explains how income inequality is used to incentivise or restrain the process of various societal interactions by itself going up and down repeatedly in the context of structural transformation.

Suggested Citation

  • Seung Jin BAEK, 2017. "Is rising income inequality far from inevitable during structural transformation? A proposal for an augmented inequality dynamics," Journal of Economics and Political Economy, KSP Journals, vol. 4(3), pages 224-237, September.
    • Handle: RePEc:ksp:journ1:v:4:y:2017:i:3:p:224-237
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    More about this item

    Keywords

    Economic inequality; Structural transformation; Kuznets curve; Rostow's stages of economic growth; Rawls's difference principle.;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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