A Note on the Hicksian Concept of Income
AbstractEmpirical studies of intertemporal dynamics of individual income, distribution of personal income, and growth and distribution of national income are all based on statistics that rely on some concept of income. The dominant one today appears to be the so-called Haig-Simons-Hicks (HSH) concept of income. I examine the foundations of this concept in Hicks�s Value and Capital and conclude that there is nothing "Hicksian" about the HSH concept of income. Furthermore, I argue that Hicks�s failure to distinguish between definition and calculation, and the consequent lack of adequate ex post concepts, make it impossible for his income definitions to serve as a basis for income accounting.
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Bibliographic InfoPaper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number wp_342.
Date of creation: Feb 2002
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Other versions of this item:
- D30 - Microeconomics - - Distribution - - - General
- B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
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- Hicks, J. R., 1975. "Value and Capital: An Inquiry into some Fundamental Principles of Economic Theory," OUP Catalogue, Oxford University Press, edition 2, number 9780198282693.
- Musgrave, R.A., 1985. "A brief history of fiscal doctrine," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 1, chapter 1, pages 1-59 Elsevier.
- Smeeding, Timothy M & Weinberg, Daniel H, 2001. "Toward a Uniform Definition of Household Income," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 47(1), pages 1-24, March.
- Eisner, Robert, 1989. "Divergences of Measurement and Theory and Some Implications for Economic Policy," American Economic Review, American Economic Association, vol. 79(1), pages 1-13, March.
- Shaikh,Anwar M. & Tonak,E. Ahmet, 1997. "Measuring the Wealth of Nations," Cambridge Books, Cambridge University Press, number 9780521564793, October.
- Casta, Jean-François & Ramond, Olivier, 2010. "De la construction du résultat comme mécanisme de gouvernance. Quelques pistes de recherche," Economics Papers from University Paris Dauphine 123456789/4415, Paris Dauphine University.
- repec:ner:dauphi:urn:hdl:123456789/4415 is not listed on IDEAS
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