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Full-Text Articles in Economic Theory
The Gettysburg Economic Review, Volume 7, Spring 2013
The Gettysburg Economic Review, Volume 7, Spring 2013
Gettysburg Economic Review
No abstract provided.
On The Orthodox Nature Of Heterodox Income Distribution Theory, Ross A. Nichols
On The Orthodox Nature Of Heterodox Income Distribution Theory, Ross A. Nichols
Gettysburg Economic Review
The goal of this paper is to show that orthodox and heterodox theories of personal income distribution developed in the mid-twentieth century are effectively identical, despite their claims to the contrary. While segmented labor market theory contends that neoclassical theories of personal income distribution, such as human capital theory, ignore the impact of social institutions on the labor market, human capital theory actually implicitly incorporates them. Social institutions are, therefore, just as important in the orthodox approach to personal income distribution. Yet, while this is the case, the heterodox perspective is valuable because of the stress it places on social …