McLure, Michael - In: Cambridge Journal of Economics 37 (2013) 4, pp. 775-789
In Pigou's Wealth and Welfare, as well as in each of the four editions of his The Economics of Welfare, one chapter is dedicated entirely to the critical assessment, and ultimate rejection, of 'Pareto's law' of income distribution. This note highlights Pigou's uncorrected misreading of a...