Why economic theory has little to say about the causes and effects of inequality

Brendan Markey-Towler and John Foster ()

No 476, Discussion Papers Series from University of Queensland, School of Economics

Abstract: In this paper we discuss and critique the theory (and lack thereof) on inequality in economics. We suggest that the discipline is uncomfortable on the whole with analysing the phenomenon and that those theorists who have asked how inequality arises and what its economic consequences are do so without analytical depth. This, we hazard, is because of a fundamental constraint on what phenomena standard economic theory can address, stemming from the core assumption that the economy can be studied as if it functions like a classical mechanical system, not a complex adaptive system.

Date: 2013-02-21
New Economics Papers: this item is included in nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:qld:uq2004:476

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