Steindl on Stochastic Processes
Steindl's work on stochastic processes aims to describe the economy as in a state of imbalance, due to the fact that its starting conditions are an accident of history, and nobody has a clue what tomorrow will bring. This does not mean that we cannot imagine a balanced distribution - when the various forces of change are constant - as a way of pointing out certain fundamental characteristics. Such a purpose is compatible with the use of stochastic models, because these also entail the study of systematic phenomena. In fact, what we often describe as 'random' is the result of lots and lots of independent forces acting together on a particular phenomenon.
References listed on IDEAS
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- Josef Steindl, 1972. "The Distribution of Wealth after a Model of Wold and Whittle," Review of Economic Studies, Oxford University Press, vol. 39(3), pages 263-279.
- Sahota, Gian Singh, 1978. "Theories of Personal Income Distribution: A Survey," Journal of Economic Literature, American Economic Association, vol. 16(1), pages 1-55, March.
- Alessandro Roncaglia, 2009. "Keynes and probability: An assessment," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(3), pages 489-510.
- Marcella Corsi, 2007. "Thinking of Sylos Labini (or Sylos Labini's Thinking)," Review of Political Economy, Taylor & Francis Journals, vol. 19(4), pages 555-562.
- Josef Steindl, 2012. "Reflections on the Present State of Economics," PSL Quarterly Review, Economia civile, vol. 65(261), pages 199-212.
- Kanbur, S M, 1979. "Of Risk Taking and the Personal Distribution of Income," Journal of Political Economy, University of Chicago Press, vol. 87(4), pages 769-797, August.
- J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
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