A.C. Pigou's Rejection of Pareto's Law

Michael McLure
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Michael McLure: UWA Business School, The University of Western Australia

No 11-14, Economics Discussion / Working Papers from The University of Western Australia, Department of Economics

Abstract: In Pigou’s Wealth and Welfare, as well as in each of the four editions of his The Economics of Welfare, one chapter is dedicated entirely to the critical assessment, and ultimate rejection, of ‘Pareto’s law’ of income distribution. This note highlights Pigou’s uncorrected misreading of a critical aspect of Pareto’s analysis of income distribution; illustrates what his criticisms of Pareto’s law reveal about Pigou’s objectives for welfare economics; and indicates how Pareto’s analysis of income distribution could have been criticised in a manner that is consistent with Pigou’s objectives for welfare economics.

Pages: 27 pages
Date: 2011
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