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A Neoclassical Theory of Wealth Distribution

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  • Schlicht, Ekkehart

Abstract

The linear savings function in Stiglitz' model of wealth distribution is replaced by the assumption that the average savings propensity of each individual is determined by its relative income position and the marginal propensity to save is an increasing function of individual income. It is shown that the model generates locally stable two-class equilibria under certain conditions which are analyzed carefully. In other words, Pasinetti-type class savings behaviour is explained endogeneously. A two-class property of nonstationary solutions is explained

Suggested Citation

  • Schlicht, Ekkehart, 1975. "A Neoclassical Theory of Wealth Distribution," Munich Reprints in Economics 3386, University of Munich, Department of Economics.
  • Handle: RePEc:lmu:muenar:3386
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    File URL: https://epub.ub.uni-muenchen.de/3386/1/3.pdf
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Zur Theorie der Vermögensverteilung
      by Ekkehart Schlicht in Funktionale Staatsfinanzen on 2014-06-20 14:32:00
    2. Pasinetti und Piketty (Leider lang und technisch)
      by Ekkehart Schlicht in Funktionale Staatsfinanzen on 2014-06-29 21:00:00

    Citations

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    Cited by:

    1. Günther Rehme, 2011. "Endogenous Policy And Cross‐Country Growth Empirics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 58(2), pages 262-296, May.
    2. Gerhard Orosel, 1991. "Inheritance and inequality when wealth enters the utility function," Journal of Economics, Springer, vol. 53(2), pages 133-160, June.
    3. Günther Rehme, 2010. "Why Run a Million Regressions? Endogenous Policy and Cross-Country Growth Empirics," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 166(4), pages 735-759, December.
    4. Basu, Kaushik & Jones, Eric & Schlicht, Ekkehart, 1987. "The growth and decay of custom: The role of the new institutional economics in economic history," Explorations in Economic History, Elsevier, vol. 24(1), pages 1-21, January.
    5. Beck Hanno & Prinz Aloys, 2014. "Willkommen in Schumpeters Hotel: Zur Dynamik der Vermögensverteilung / Welcome to Schumpeter's hotel – On the dynamics of the distribution of wealth," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 65(1), pages 263-278, January.
    6. Borissov, Kirill, 2013. "Growth and distribution in a model with endogenous time preferences and borrowing constraints," Mathematical Social Sciences, Elsevier, vol. 66(2), pages 117-128.
    7. Kirill Borissov & Stéphane Lambrecht, 2009. "Growth and distribution in an AK-model with endogenous impatience," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 39(1), pages 93-112, April.
    8. Reto Foellmi, 2008. "Inequality and aggregate savings in the neoclassical growth model," IEW - Working Papers 395, Institute for Empirical Research in Economics - University of Zurich.

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