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Presented are new methods and new empirical studies on the subject
of income inequality and poverty. The purpose of the book is to
explore new ways to analyze recent trends in income inequality and
poverty, both from the perspective of quantifying poverty and
inequality and quantifyig the impact of various factors on the
trends in inequality and poverty. The novelty lies in the diversity
of empirical approaches used and customers will benefit from
learning about different methods.
Articles on econometric methodology with special reference to the
quantification of poverty and economic inequality are presented in
this book. Poverty and inequality measurement present special
problems to the econometrician, and most of these papers analyze
how to attack those problems.
The topics and contributions in the book are a very good
representation of Camilo Dagum's astounding diversity of interests
and overall eclecticism. Several of the authors are leading
pioneers in econometric methodology. Several others are pioneers in
economic theory and others are the leading applied economists in
income distribution analysis in the world. The topics accurately
reflect Camilo Dagum's breadth of understanding across varios
economic sub-fields, all complex in nature.
This book is the culmination of roughly seven years of joint
research be tween us. We have both been interested in income
inequality measurement for a considerably longer period of time.
One author (Ryu) has a back ground in physics. While he was working
on his Ph. D. in Physics at M. I. T. he became acquainted with
Robert Solow. Professor Solow introduced Ryu to economics. After
finishing his Ph. D. in physics, Ryu went on to the Uni versity of
Chicago where Arnold Zellner guided him to a dissertation on using
orthonormal basis and maximum entropy as estimation methods in
econometric applications. The precise definition and examples of
orthonormal basis (ONB) and maximum entropy (ME) methods will be
given in the book. As it turns out, a natural application of these
methods is the study of income distribution. Professor Zellner
suggested that Ryu look at some of my joint work with Robert
Basmann on functional forms of Lorenz curves as one starting place
to do his own research. Ryu requested some of our data and asked
for several of our papers with the express pur pose of introducing
functional forms of Lorenz curves that Ryu felt would do a better
job of approximating the empirical Lorenz curve. Thus, our first
introduction was essentially one of Ryu trying to invent a better
mousetrap. The interested reader can review the results given in
Basmann et al. (1990) and Chapter Four of this book to see if Ryu
succeeded."
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