Dynamic models and inequality. The role of the market mechanism in economic distribution (Q2185880)

In this monograph, the author presents an in-depth study of theoretical explanation which connects observable phenomena in economic distribution and underlying theoretical principles of market mechanism. This manuscript spreads over eight chapters. Chapter 2 (Contemporary Economics and Inequality: Introduction to Inequality, Concepts, Methods and Data; Measuring Inequality; Production Process, Attributes and Decomposition of the Output; Quantification of Global Inequality; Inequality, Growth and Other Social Phenomena) discusses basic concepts of inequality, its measuring and methods. Chapter 3 (Growth Theories and Convergence Hypothesis: The Importance of Theory; The Solow-Swan Model; The Ramsey-Cass-Koopmans Model) is devoted to detailed consideration of the established theories that laid the foundations of converging tendencies in modern economics. Chapter 4 (Who are Agents in Agent-Based Economic Models?: A Rational Decision-Making Process and Limits of the Behavioral Approach; Internal and External Nature of the Agent. A critical Approach) demarcates a rational decision-making process of economic agents in neoclassical theory. On the contrary to the previous chapter, it is argued that general neoclassical approach can still be, despite widely discussed weaknesses, a viable tool to understand principal issues of economic distribution. Chapter 5 (Models of Subsistence Consumption: Linear Growth Model with Subsistence Consumption and Stone-Geary Preferences; Portfolio Choice with Time-(In)variant Subsistence and Heterogeneous Agents; Portfolio Management of Heterogeneous Agents Under Risk and Inequality Consequences) is devoted to interlining competition as the fundamental feature of the market mechanism with inequality in economic distribution. In Chapter 6 (Models of Competition: Competition in the Schumpeterian Growth Model; Monopoly Power and Inequality; A Biomathematical Model of Resource Appropriation) three models with different viewpoints on competition are presented. The general model of market inequality is formulated in Chapter 7 (The Dynamic Model of Market Inequality: Theoretical Context; Formulation of the Model; Market-Based Inequalities with Cobb-Douglas Agents). The monograph is exclusively professionally written and the materials are presented in an attractive way. Another advantage of the offered book is the inclusion of a significant number of titles in the bibliography, which makes it a valuable reference for specialists working in this scientific field.