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On Measuring the Redistribution of Lifetime Income

In: The Economics of Public Services

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  • Richard Layard

    (London School of Economics)

Abstract

Much so-called redistribution is between similar people at different stages of life or fortune. The proper approach, therefore, is to look at redistribution between lifetime incomes. But this raises problems of choosing the discount rate and of specifying the assumptions about alternative policies. After discussion of these, attention is focused on specific problems that arise in relation to education, especially the distinction between incidence on parents and on children. Finally, the lifetime approach is applied to various educational policy options in Britain. Here only the effects on children are examined, using a new British earnings function. For any policy, this generates a distribution of incomes (present values). Each distribution is measured for equality, using the Atkinson index, so that a policy is desirable if it raises equality proportionately more than it reduces average income.

Suggested Citation

  • Richard Layard, 1977. "On Measuring the Redistribution of Lifetime Income," International Economic Association Series, in: Martin S. Feldstein & Robert P. Inman (ed.), The Economics of Public Services, chapter 4, pages 45-72, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-02917-4_4
    DOI: 10.1007/978-1-349-02917-4_4
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    Citations

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    Cited by:

    1. Nelissen, J.H.M., 1987. "The redistributive impact of the general old age pensions act on lifetime income in the Netherlands," Other publications TiSEM c1e60227-c0d1-48c9-ae27-5, Tilburg University, School of Economics and Management.
    2. Fatih Guvenen & Greg Kaplan & Jae Song & Justin Weidner, 2017. "Lifetime Incomes in the United States over Six Decades," NBER Working Papers 23371, National Bureau of Economic Research, Inc.
    3. Nelissen, Jan H. M., 1998. "Annual versus lifetime income redistribution by social security," Journal of Public Economics, Elsevier, vol. 68(2), pages 223-249, May.
    4. Charlotte Bartels, 2012. "Redistribution and Insurance in the German Welfare State," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 132(2), pages 265-295.
    5. Cathal O’Donoghue, 2001. "Redistribution over the Lifetime in the Irish Tax-Benefit System - An Application of a Prototype Dynamic Microsimulation Model for Ireland," The Economic and Social Review, Economic and Social Studies, vol. 32(3), pages 191-216.
    6. John Fitzgerald & Tim Maloney, 1990. "The Impact of Federal Income Taxes and Cash Transfers On the Distribution of Lifetime Household Income, 1969-1981," Public Finance Review, , vol. 18(2), pages 182-197, April.

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