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Some further questions to ponder:

Income distribution issues involve profound philosophical questions, as well as vital economic and political issues.

The philosophical issues were well stated in late 20th century exchanges between two extraordinary Harvard professors of philosophy: John Rawls and Robert Nozick .John Rawls’ publication of A Theory of Justice (1971), was hailed at the time as “the most important work in moral philosophy since the end of World War II,” and is now regarded as “one of the primary texts in political philosophy.” See also Robert Nozick (1974), Anarchy, State&Utopia and Libertarianism , New York, NY: Basic Books. [MG FIND SOURCE). Philosopher Rawls favored more income redistribution, but within limits. These limits are imposed by effects of redistribution on economic incentives for the better off. Philosopher Nozick favored less income redistribution because of potential adverse economic effects of policies to reduce inequality.

Economists, at least in the 21st century, are rarely philosophers also. In this book, our concern is over what can economists , qua economists say about inequality? Economists as economists have little to offer regarding definitions of what is or is not an ideal income distribution. Economists can however, help shed light upon those factors that might be the causes or consequences of a given income distribution, and how income inequality might be remedied.

Still, decisions about income redistribution must emerge out of a political process. An economist can shed light on interesting and even complicated issues in income distribution. He or she can show, for example, that such rewards as rents and windfalls that everywhere tend to accrue to the higher end of the income distribution can be more heavily taxed without adverse economic effects (see Chapter 9 on Rent-Seeking).

So, in economies such as the U.S., higher income taxes that gather some part of rents and windfalls accruing to individuals have little or no adverse effects on incentives to save, work or invest. We also cover economic rents later when we discuss taxation (See Chapter_____).

Globalization, technological change and the evolution of labor’s share in national income

A long tradition in economics has been the assumption that the share of national income received by labor was almost constant over time. Indeed this constancy was treated as a stylized “fact” from the late forties through the fifties and even up until very recent years. However, this stylized fact no longer holds.

By 2014, it had become clear that an important indicator of increasing or decreasing income equality over time in any nation is the trend in the percentage share of labor wage and salary income (hereafter called labor’s share) in total national income. Historically the distribution of labor income has been much more equal than the distribution of capital income. Capital income tends strongly to accrue to those in higher income brackets. Therefore, a decline in labor’s share in national income over time will itself result in increasing inequality in the overall distribution of income (labor plus capital income). For many large, rich nations, and even a few emerging nations including China and Mexico, a clear pattern in labor’s share has emerged over the past quarter century: the share of labor in national income has declined. In the U.S. and a few European nations, as well as China, the decline in labor’s share has been especially notable and puzzling (see Figure 4-4). A major reason for the decline in labor’s share in the U.S. and several Western nations has been the steady decline in manufacturing employment as a share of total employment: the average decline in the U.S., Canada, France, Germany, Italy, Japan and the U.K. has been in the order of 14%. Martin Neal Baily&Barry P. Bosworth, (2014, Winter), “U.S. Manufacturing: Understanding Its Past and Its Potential Future”, Journal of Economic Perspectives , 28 (1): 3-26.

Questions & Answers

how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
Do somebody tell me a best nano engineering book for beginners?
s. Reply
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
is Bucky paper clear?
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Do you know which machine is used to that process?
how to fabricate graphene ink ?
for screen printed electrodes ?
What is lattice structure?
s. Reply
of graphene you mean?
or in general
in general
Graphene has a hexagonal structure
On having this app for quite a bit time, Haven't realised there's a chat room in it.
what is biological synthesis of nanoparticles
Sanket Reply
what's the easiest and fastest way to the synthesize AgNP?
Damian Reply
types of nano material
abeetha Reply
I start with an easy one. carbon nanotubes woven into a long filament like a string
many many of nanotubes
what is the k.e before it land
what is the function of carbon nanotubes?
I'm interested in nanotube
what is nanomaterials​ and their applications of sensors.
Ramkumar Reply
what is nano technology
Sravani Reply
what is system testing?
preparation of nanomaterial
Victor Reply
Yes, Nanotechnology has a very fast field of applications and their is always something new to do with it...
Himanshu Reply
good afternoon madam
what is system testing
what is the application of nanotechnology?
In this morden time nanotechnology used in many field . 1-Electronics-manufacturad IC ,RAM,MRAM,solar panel etc 2-Helth and Medical-Nanomedicine,Drug Dilivery for cancer treatment etc 3- Atomobile -MEMS, Coating on car etc. and may other field for details you can check at Google
anybody can imagine what will be happen after 100 years from now in nano tech world
after 100 year this will be not nanotechnology maybe this technology name will be change . maybe aftet 100 year . we work on electron lable practically about its properties and behaviour by the different instruments
name doesn't matter , whatever it will be change... I'm taking about effect on circumstances of the microscopic world
how hard could it be to apply nanotechnology against viral infections such HIV or Ebola?
silver nanoparticles could handle the job?
not now but maybe in future only AgNP maybe any other nanomaterials
I'm interested in Nanotube
this technology will not going on for the long time , so I'm thinking about femtotechnology 10^-15
can nanotechnology change the direction of the face of the world
Prasenjit Reply
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic development for the 21st century. OpenStax CNX. Jun 05, 2015 Download for free at http://legacy.cnx.org/content/col11747/1.12
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