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Distributional Implications of Imperfect Capital Markets
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- Authors
- Issue Date
- 1982-06
- Publisher
- 서울대학교 경제연구소
- Citation
- 경제논집, Vol.21 No.2, pp. 219-248
- Abstract
- Although a satisfactory theory of the distribution of income is yet to come,
significant progress has been made toward that goal by a series of attempts to
establish general theories of income distribution by combining existing piecemeal
theories into single synthetic models. One such example is Blinder's [6]
work which incorporates various elements of piecemeal theories. One of his
main conclusions is that inequality in income should not be ascribed to any
single factor, but should be conceived as resulting from the optimizing behavior
of individuals which can be affected by a number of factors. There is one
potential cause of inequality, however, which evaded his attention totally:
imperfect capital markets. Different income classes would be affected differentially
by the imperfection in capital markets.
- ISSN
- 1738-1150
- Language
- English
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