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The Half Life of Economic Injustice

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  • Miles, David K

Abstract

How much of today's income (GDP) is a result of unjust economic transactions? How much is a legacy of past acquisition of wealth (capital) which was itself unjust? To answer that question requires two things: first, a principle to determine what is, and what is not, a just acquisition of wealth or a just source of income; second, a means of using that principle to estimate what fraction of wealth and income is unjust. I use a principle put forward by Robert Nozick to provide the first of these things and then use some calculations based on standard neoclassical models of economic growth to illustrate its implications for the scale of unfairness today.

Suggested Citation

  • Miles, David K, 2018. "The Half Life of Economic Injustice," CEPR Discussion Papers 13342, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:13342
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    References listed on IDEAS

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    6. Andreas Hornstein, 2009. "Problems for a fundamental theory of house prices," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-24.
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    8. repec:oup:qjecon:v:129:y:2013:i:1:p:61-103 is not listed on IDEAS
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    More about this item

    Keywords

    Distributive justice; Human Capital; income distribution; Solow growth model;

    JEL classification:

    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • P14 - Economic Systems - - Capitalist Systems - - - Property Rights
    • P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
    • P48 - Economic Systems - - Other Economic Systems - - - Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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