By Joop Hartog (auth.)
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Additional info for Personal Income Distribution: A Multicapability Theory
Example text
33) 1 Since the changes in the xit also have an income effect, the changes in ratios of nonused capability are directed by 1 - sl rather than -sl' Relative nonused capability will change in the same direction as relative capability stocks if sl < 1, the opposite direction if sl > 1, and they will not change at all if sl = I. 34) Smt = (1 - i mt ) xmt' Then, Smt changes over age according to dS ~=(1-f dt mt dx )~-x dt df -.!!!!.. ) mt f. 37) nt L where 0 mn =1 if m =n, and 0 mn =0 if m =1= n. The effect of capability stock growth on effective capability supply is therefore made up of some potentially counteracting components, and its direction cannot be predicted unambiguously without further restrictions.
Naturally, however, the linearity of the earnings equation is a worthy target for empirical analysis. Unit prices equal for all capability levels can be guaranteed by a model that will allow arbitrage: if unit prices differ in some jobs, individuals will make job combinations to obtain the highest returns and, in so doing, will exert pressure to eliminate the price differential. Job divisibility is an essential assumption for such arbitrage. Assume that jobs in given circumstances have given required capability levels.
The size of individual bundles supplied and demanded is entirely irrelevant. , on suppliers and demanders being indifferent between one lot of size q and n lots of size q/n each; in other words, they are perfect substitutes). Homogeneity and divisibility guarantee that arbitrage can eliminate any differences among unit prices. As mentioned above, there are clear analytical advantages in dealing with divisible and homogeneous commodities. How can such a situation be modeled for a multicapability world?