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The Trouble with Distribution Theory

In: Energy Rents and Income Distribution

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  • Bernard C. Beaudreau

    (Université Laval)

Abstract

Despite two centuries of work, income distribution remains a problem in search of a credible theory. By credible, it should be understood, a theory that is scientifically sound—in short, consistent with the underlying laws of mechanics—and empirically verified. This paper examines the problem of income distribution from a number of perspectives, including historical, scientific, and moralistic. It will be argued that, for a panoply of reasons, the profession set out to tackle the problem of income distribution without first of all, having resolved satisfactorily the more basic problem of modeling production, making for the current situation in which distribution theorydistribution theory is little more than a logical construct, the underlying fundamentals of which sit in violation of the principles of basic physicsphysics (classical mechanics), generating increasingly questionable results. Various alternative theories (historical and current) are examined, as are the associated policy options. The upshot is that the fundamentals underlying distribution theory have to be updated, as does the policy agenda as advocated by writers such as Thomas PikettyPiketty, Thomas and Joseph StiglitzStiglitz, Joseph.

Suggested Citation

  • Bernard C. Beaudreau, 2025. "The Trouble with Distribution Theory," Springer Books, in: Energy Rents and Income Distribution, chapter 0, pages 11-19, Springer.
    • Handle: RePEc:spr:sprchp:978-3-032-05862-1_2
    DOI: 10.1007/978-3-032-05862-1_2
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