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Aggregate Productivity Loss and the Theil Index of Inequality

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  • Aoki, Shuhei

Abstract

This paper suggests that the difference in the Theil indices of inequality between two economies approximately measures the relative loss of aggregate productivity caused by distortions in labor allocation. Moreover, the Theil index itself can be interpreted approximately as the possible maximum loss of aggregate productivity caused by these distortions.

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File URL: http://mpra.ub.uni-muenchen.de/7407/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7407.

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Date of creation: 01 Mar 2008
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Handle: RePEc:pra:mprapa:7407

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Keywords: inequality; marginal productivity theory; misallocation; productivity; Theil index;

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  1. Frank A Cowell, 2003. "Theil, Inequality and the Structure of Income Distribution," STICERD - Distributional Analysis Research Programme Papers, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE 67, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  2. Sen, Amartya, 1997. "On Economic Inequality," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198292975, October.
  3. Diego Restuccia & Richard Rogerson, 2007. "Policy Distortions and Aggregate Productivity with Heterogeneous Plants," Working Papers, University of Toronto, Department of Economics tecipa-283, University of Toronto, Department of Economics.
  4. Stephen L. Parente & Edward C. Prescott, 2002. "Barriers to Riches," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262661306, December.
  5. Glomm, Gerhard & Ravikumar, B, 1992. "Public versus Private Investment in Human Capital Endogenous Growth and Income Inequality," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 100(4), pages 818-34, August.
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