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Young, A. (1928) Increasing Returns and Economic Progress. Economic Journal, 38, 527-542.
https://doi.org/10.2307/2224097

has been cited by the following article:

  • TITLE: A Simple Model of the Difference Principle

    AUTHORS: Takashi Suzuki

    KEYWORDS: Justice as Fairness, Difference Principle, Reciprocity, External Increasing Returns

    JOURNAL NAME: Theoretical Economics Letters, Vol.8 No.10, June 21, 2018

    ABSTRACT: In this paper, we present a socioeconomic model illustrating the difference principle first proposed by John Rawls (1971). We demonstrate that this principle can be fulfilled by incorporating reciprocity into the basic structure of society. We show its appropriate embodiment in external increasing returns in line with traditional neoclassical economic theory, which is the exact mechanism described by Rawls (1971, 2001). Our model yields an intuition and interpretation of the principle by showing its implementation in the market equilibrium. Moreover, the model will show that the utilitarian principle, i.e., the maximization of the total (average) utility leads to advantaged people monopolizing all wealth as a just state of society. We also discuss the sociopolitical conditions necessary for the difference principle model to be stable and sustained.