A Contribution to the Theory of Distribution and Welfare

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  • Contribution to the Theory of Distribution and Welfare

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Abstract

This paper is based on my final lecture as a professor of economics at Shobi University. I shall take this opportunity to talk about the distribution and welfare theory and about my academic contributions to this theory. First, the development of the theory in income and asset distribution is considered. One of my contributions in this field is a hypothesis on the long-term V -shaped curve behaviour of the relative income share and another is a theorem on the optimum share of wages. Second, I suggest possible reasons why the proportion of gross national asset to national income (or GDP) ratio tends to increase. In this paper, I suggest a possibility of the long-term V-shaped as to the relative share of workers ' asset in the future. Third, alternative theories of stagflation are considered. As well known, in the 1970s Milton Friedman explained stagflation by the adapted expectation hypothesis. In the beginning of the 1970s I tried to explain an alternative cause of stagflation and the reversal of Phillips curve by the differential increase rates between wages and labour productivity. Fourth, I explain the hypothesis on the role of social factors that influence production and productivity increase. In 1983, at the International Conference on Productivity held in Tokyo, I tried to testify the hypothesis by econometric methods. Social factors were supposed to play an important role in the Japanese style of management. Fifth, after introducing the development of pension plans in Japan, I show a theoretical model that was used for the pension reforms. Sixth, I introduce the development in making social indicators in Japan. Last, I retrospect the development in the theory of welfare mix and show why the welfare mix is necessary in enhancing efficiency and justice at the same time.

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