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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

Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
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
characteristics of micro business
for teaching engĺish at school how nano technology help us
Do somebody tell me a best nano engineering book for beginners?
s. Reply
there is no specific books for beginners but there is book called principle of nanotechnology
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
what is the actual application of fullerenes nowadays?
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
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?
carbon nanotubes has various application in fuel cells membrane, current research on cancer drug,and in electronics MEMS and NEMS etc
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
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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