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Abba LERNER (1659 words) |
 | Abba P. Lerner was born in Russia, raised on the London East End and worked as a machinist, a capmaker, a Hebrew teacher, a Rabbinical student and tried his hand at business before enrolling in 1929 at the London School of Economics. |
| Lerner was convinced of the beauty and efficiency of the Paretian general equilibrium system - but sober enough to realize that it was an idealization and rarely attained - thus, the case for socialism. |
| Lerner was perhaps the first to recognize the importance of accounting for inflation in Neo-Keynesian theory and laid out his analysis in a remarkable series of articles and books (1944, 1947, 1949, 1951, 1972). |
| Distributive efficiency - Wikipedia, the free encyclopedia (580 words) |
| Abba Lerner first proposed the idea of distributive efficiency in his 1944 book The Economics of Control. |
| Lerner applied the concept of utility and its associated "law of marginal utility" to the distribution of income in society. |
| Knowing this, Lerner qualified his earlier statement: "The principle of equality would have to compromise with the principle of providing such incentives as would increase the total of income available to be divided” (Lerner, 36). |
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