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Abstract

A microeconomic model is developed, which accurately predicts the shape of personal income distribution (PID) in the United States and the evolution of the shape over time. The underlying concept is borrowed from geo-mechanics and thus can be considered as mechanics of income distribution. The model allows the resolution of empirical and definitional problems associated with personal income measurements. It also serves as a firm fundament for definitions of income inequality as secondary derivatives from personal income distribution. It is found that in relative terms the PID in the US has not been changing since 1947. Effectively, the Gini coefficient has been almost constant during the last 60 years, as reported by the Census Bureau.

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File URL: http://www.ecineq.org/milano/WP/ECINEQ2009-110.pdf
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Bibliographic Info

Paper provided by ECINEQ, Society for the Study of Economic Inequality in its series Working Papers with number 110.

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Length: 221 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:inq:inqwps:ecineq2009-110

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Web page: http://www.ecineq.org
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Related research

Keywords: personal income; modelling; mechanics; the US;

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Find related papers by JEL classification:

• D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
• D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
• E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
• O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
• C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data

This paper has been announced in the following NEP Reports:

• NEP-ALL-2009-03-14 (All new papers)
• NEP-LAB-2009-03-14 (Labour Economics)

References

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1. Adrian Dragulescu & Victor M. Yakovenko, 2001. "Exponential and power-law probability distributions of wealth and income in the United Kingdom and the United States," Papers cond-mat/0103544, arXiv.org, revised Mar 2001.
2. Neal, Derek & Rosen, Sherwin, 2000. "Theories of the distribution of earnings," Handbook of Income Distribution, in: A.B. Atkinson & F. Bourguignon (ed.), Handbook of Income Distribution, edition 1, volume 1, chapter 7, pages 379-427 Elsevier.

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Cited by:

1. Gerencia de Riesgo Asobancaria - CIFIN, . "Estimación de la Carga Financiera en Colombia," Temas de Estabilidad Financiera 056, Banco de la Republica de Colombia.
2. Kitov, Ivan, 2009. "Does economics need a scientific revolution?," MPRA Paper 14476, University Library of Munich, Germany.
   
   • Ivan O. Kitov, 2009. "Does economics need a scientific revolution?," Papers 0904.0729, arXiv.org.

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