Difference between revisions of "Lerner's theorem"
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| − | Lerner's theorem is a [[liberal]] economic proposition stating that because the [[marginal utility]] of money for each individual is unknown, society maximizes probable overall utility by seeking an equal distribution of income. | + | '''Lerner's theorem '''is a [[liberal]] economic proposition stating that because the [[marginal utility]] of money for each individual is unknown, society maximizes probable overall utility by seeking an equal distribution of income. |
This was proposed by [[Abba P. Lerner]], an American economist who developed this proposition in 1944. | This was proposed by [[Abba P. Lerner]], an American economist who developed this proposition in 1944. | ||
[[category:economics]] | [[category:economics]] | ||
Revision as of 21:27, January 14, 2008
Lerner's theorem is a liberal economic proposition stating that because the marginal utility of money for each individual is unknown, society maximizes probable overall utility by seeking an equal distribution of income.
This was proposed by Abba P. Lerner, an American economist who developed this proposition in 1944.