This dissertation is mainly concerned with the distribution of between individuals in the economy.
The first chapter (Chapter 1) examines the various problems with Gross Domestic Product per capita (GDPpc) as a measure of economic welfare. The chapter proposes the Vast Majority Income (VMI) as a new measure of economic welfare that combines both national income and income distribution in a single, intuitive measure. The VMI measures the average income per capita of the vast majority of the population, defined as the first 80 percent of the population within the income distribution.
Chapter 2 proposes a model of the labor market that has a statistical equilibrium wage rather than a single point equilibrium wage as in the standard microeconomic model of wage equalization. Using heterogeneous agent-based modeling techniques, the chapter presents a labor market model where wages equalize around an exponential distribution of wages. Compared to previous models of statistical equilibrium in economics, this model does not require a fixed average wage levels.
Chapter 3 proposes a measure of inclusive growth that is based on the concept and methodology of the VMI discussed in Chapter 1. The growth rate of the VMI across time is proposed as a measure of the inclusivity of growth. We then compare and contrast the growth rate of the VMI to the growth rate of GDP per capita, economic growth. The Chapter shows how the last thirty years were mostly a period of non-inclusive growth in the majority of developing economies. Growth in developing nations was accompanied by a worsening of the equality of income distribution and as a result the growth in the incomes of the vast majority (the bottom 80% of income earners) was 1% less than the growth in GDP per capita for the population as a whole in developing countries.
|Commitee:||Foley, Duncan, Semmler, Willi|
|School:||The New School|
|School Location:||United States -- New York|
|Source:||DAI-A 75/12(E), Dissertation Abstracts International|
|Subjects:||Economics, Labor economics, Economic theory|
|Keywords:||Agent based modelling, Inclusive growth, Income inequality, Labor market, Measurement, Vast majority|
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