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Production and Distribution of Income in a Market Economy

In: Income Distribution in Macroeconomic Models

Author

Listed:
  • Giuseppe Bertola

    (University of Turin)

  • Reto Foellmi

    (University of Zurich)

  • Josef Zweimüller

    (University of Zurich)

Abstract

This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.

Suggested Citation

  • Giuseppe Bertola & Reto Foellmi & Josef Zweimüller, 2005. "Production and Distribution of Income in a Market Economy," Introductory Chapters, in: Income Distribution in Macroeconomic Models, Princeton University Press.
  • Handle: RePEc:pup:chapts:8058
    as

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